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Daily Market Analysis 27|08|2020: USDCAD

USD-CAD_2_800x533_L_1417097157
Daily Analysis / Online Education

Daily Market Analysis 27|08|2020: USDCAD

Instrument: USDCAD

Intraday: Bearish

Technical Analysis

Preference:  
Sell position is envisaged if price trades below 1.31084 with take profit at key level 1.30655
Alternative scenario: 
Buy position is envisaged if price trades above bearish structure 1.32438  with take profit at 1.33693
Fundamentals:
USD Fed Chair Powell Speaks 2:10pm
CAD BOC Gov Macklem Speaks 4:15pm
USD Jackson Hole Symposium all day

Comment:  on the macro view, the dollar is still under demand and over supplied, so a bearish stance on the dollar is still possible. Likewise, the current hurricane is currently affecting oil prices which will definitely boost it due to higher demand but lower supply; hence, a bearish stance on USDCAD generally is being envisaged.

Analysis: SCRUM Team

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