Forex Academy
Entry Price – Sell 0.93382
Stop Loss – 0.93782
Take Profit – 0.92982
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The USD/CAD extended its previous session bullish bias and hit the session high around above 0.9416 level. However, the bullish sentiment around the currency pair was being supported by a modest pickup in the ongoing drop in crude oil prices, which tend to undermine demand for the commodity-linked currency – the loonie. Hence, the broad-based U.S. dollar managed to gain some positive traction on the day amid growing market worries about surging coronavirus cases in Europe and the United States, which keeps the market trading sentiment under pressure and undermined the greenback.
The USD/CAD extended its previous session bullish bias and hit the session high around above 0.9416 level. However, the bullish sentiment around the currency pair was being supported by a modest pickup in the ongoing drop in crude oil prices, which tend to undermine demand for the commodity-linked currency – the loonie. Hence, the broad-based U.S. dollar managed to gain some positive traction on the day amid growing market worries about surging coronavirus cases in Europe and the United States, which keeps the market trading sentiment under pressure and undermined the greenback.
The USD/CAD extended its previous session bullish bias and hit the session high around above 0.9416 level. However, the bullish sentiment around the currency pair was being supported by a modest pickup in the ongoing drop in crude oil prices, which tend to undermine demand for the commodity-linked currency – the loonie. Hence, the broad-based U.S. dollar managed to gain some positive traction on the day amid growing market worries about surging coronavirus cases in Europe and the United States, which keeps the market trading sentiment under pressure and undermined the greenback.
In addition to this, the long-lasting impasse over the next round of the U.S. fiscal stimulus measures added further burden on investors’ sentiment and benefitted the USD’s status as the global reserve currency. Across the pond, the reason for the currency pair bullish bias could also be attributed to the weaker crude oil prices, which undermined the demand for the commodity-linked currency the loonie and contributed to the currency pair gains. As of writing, the AUD/CAD currency pair is currently trading at 0.9396 and consolidating in the range between 0.9416 – 9330.
Despite the optimism over a potential treatment/vaccine for the highly infectious virus, the market risk sentiment remains depressive with Wall Street hugging the sellers and S&P 500 Futures flashing losses amid a combination of factors. Be it the worrisome headlines concerning Brexit or the tension between the US-China, not to forget the coronavirus issues, the market trading sentiment has been flashing red since the week started, which ultimately keeps the safe-haven assets supportive on the day.
At the coronavirus front, the prevalent worries over the resurgence of the coronavirus pandemic raised fears of global economic recovery, which keeps the market trading sentiment under pressure. The coronavirus COVID-19 cases continue to climb in Europe, U.K., and the U.S. As per the latest report, the U.S. has witnessed its highest ever number of new COVID-19 cases over the weekend, while France is also reporting new case records and Spain announced a state of emergency. As in result, the imposition of stricter lockdown measures to stop the second wave of COVID-19 cases, along with receding hopes for a pre-election fiscal deal also weighed on market trading sentiment.
This, in turn, the broad-based U.S. dollar succeeded to extend its early-day gains and remained well bid on the day as investors turned to the safe-haven in the wake of risk-off market sentiment. However, the gains in the greenback could be temporary due to the worries that the economic recovery in the U.S. could be stopped because of the reappearance of coronavirus cases. Besides this, the gains in the U.S. dollar were further boosted by a lack of progress toward a U.S. stimulus package, which puts traders in a cautious mood. However, the gains in the U.S. dollar kept the currency pair higher. Whereas, the U.S. Dollar Index that tracks the greenback against a basket of other currencies rose to 93.028.
Across the pond, the crude oil prices failed to stop its last week losing streak and remained depressed around below the $38.50 mark. However, the reason for the bearish bias around the crude oil prices could be attributed to the ever-increasing COVID-19 worries, which raised fears of renewed lockdown measures and depressed hopes for a swift recovery in the fuel demand. Across the pond, the anticipation of a rise in Libyan crude supply also played its major role in undermining crude oil.
Entry Price – Sell 0.9389
Stop Loss – 0.9429
Take Profit – 0.9329
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The AUD/CAD failed to extend its early-day modest gains and edged lower around the 0.9362 level. However, the bearish sentiment around the currency pair could be associated with the on-going tussle between the US-China and stimulus deadlock in the U.S., which leads to the decline in U.S. stock’s future. This, in turn, undermined the perceived risk currency Australian dollar and contributed to the currency pair losses. The acceleration in the coronavirus (COVID-19) wave 2.0 also played a major role in undermining the market trading sentiment, which added further burden around the Australian dollar’s perceived risk currency and dragged the currency pair low.
The AUD/CAD failed to extend its early-day modest gains and edged lower around the 0.9362 level. However, the bearish sentiment around the currency pair could be associated with the on-going tussle between the US-China and stimulus deadlock in the U.S., which leads to the decline in U.S. stock’s future. This, in turn, undermined the perceived risk currency Australian dollar and contributed to the currency pair losses. The acceleration in the coronavirus (COVID-19) wave 2.0 also played a major role in undermining the market trading sentiment, which added further burden around the Australian dollar’s perceived risk currency and dragged the currency pair low.
The AUD/CAD failed to extend its early-day modest gains and edged lower around the 0.9362 level. However, the bearish sentiment around the currency pair could be associated with the on-going tussle between the US-China and stimulus deadlock in the U.S., which leads to the decline in U.S. stock’s future. This, in turn, undermined the perceived risk currency Australian dollar and contributed to the currency pair losses. The acceleration in the coronavirus (COVID-19) wave 2.0 also played a major role in undermining the market trading sentiment, which added further burden around the Australian dollar’s perceived risk currency and dragged the currency pair low.
On the contrary, the weaker crude oil prices, triggered by the combination of factors, tend to weaken the demand for the commodity-linked currency the loonie, which becomes the factor that helps the currency pair to limit its deeper losses. The AUD/CAD currency pair is currently trading at 0.9362 and consolidating in the range between 0.9357 – 0.9386.
Intensifying restrictive measures such as lockdowns and curfews in Europe and the U.K. to control the 2nd-wave of coronavirus outbreak pushed global equity markets down. As per the latest report, the daily new cases increased past Thursday’s record level of 6,638, with 7,334 new infections leading to 348,557 total counts. The death toll seems to ease from the previous day’s 33 to 24 while marking a total of 9,734 fatalities. Apart from this, the U.S. policymakers’ inability to offer the much-awaited COVID-19 stimulus also played its major role in weakening the market trading sentiment, which in turn exerted some additional pressure on the perceived riskier Australian dollar and contributed to the currency pair losses.
Elsewhere, the intensifying tensions between the U.S. and China added additional burdens around the global trading market. The tension between the world’s two largest economies fueled further after China aggressively warns the U.S. to step back from Taiwan Strait. However, these lingering Sino-US tensions kept challenging the risk-on market sentiment and contributed to the currency pair losses.
Access the pond, the reason for the downbeat market trading sentiment could also be associated with the latest report suggesting that the World Health Organization (WHO) said that the previously cheered corona-vaccine from Gilead Sciences Inc., Remdesivir, did not affect COVID-19 patients’ length of hospital stay or chances of survival. These negative headlines exerted some additional pressure on the market sentiment. The S&P 500 Futures dropped as it currently marks 0.15% intraday losses to 3,472.
The reason for the crude oil losses could also be associated with the latest reports suggesting that the Organization of the Petroleum Exporting Countries (OPEC) decided to ease supply cuts despite rapidly falling fuel demand in Europe and the U.S. amid rising numbers of COVID-19 cases in both regions. Thus, the decline in oil prices undermined the demand for the commodity-linked currency the loonie and became the key factor that helps the currency pair limit its deeper losses.
In the absence of the major data/events on the day, the market traders will keep their eyes on September month’s Retail Sales and Michigan Consumer Confidence for October. Meanwhile, the USD moves and coronavirus headlines will also closely followed as they could play a key role in the crude oil.
Daily Support and Resistance
S1 0.9242
S2 0.9303
S3 0.9341
Pivot Point 0.9364
R1 0.9402
R2 0.9426
R3 0.9487
Entry Price – Sell 0.93594
Stop Loss – 0.93994
Take Profit – 0.93194
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US