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Daily Market Analysis 09|09|2020: USDCAD

Instrument: USDCAD

Intraday: BULLISH

Technical Analysis

Preference:  
Buy position is envisaged if price trades above 1.31415 with take profit at key level 1.31584
Alternative scenario: 
Sell position is envisaged if price below 1.31008 with take profit at 1.30788
Fundamentals:
No major economic data with bearing on the pair.

Comment:  The loonie pair marks the second day of run-up as market sentiment favors the US dollar index (DXY) ahead of the US and Canadian traders’ return from the extended weekend. Also strengthening the quote could be the sustained weakness of Canada’s key export item oil. 

Analysis: SCRUM Team

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