Daily Market Analysis 21|05|2020: USDCAD

Daily Analysis / Online Education

Daily Market Analysis 21|05|2020: USDCAD

Intraday: Bullish

Technical Analysis

Buy position is envisaged if price trades above 1.39607 with take profit at 1.40056
Alternative scenario: 
Sell position is envisaged if price trades below 1.38970 with take profit at 1.38573
USD  Flash manufacturing PMI 2:45pm
USD Fed. Chair Powell speaks 7:30pm

Comment: Technically, this pair reached a 14 day low, forming a double bottom which led it to bounce upwards despite the risk sentiment on the COVID 19. It is envisaged that this pair will trading bullish for the earlier part of the day. 

Analysis: SCRUM Team

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