CAD - BULLISH
1️⃣ Higher oil prices on the back of a bigger-than-expected drop in US crude oil inventories last week according to both the EIA and API.
2️⃣ All major economic data in Canada printed well.
3️⃣ CAD also supported by a weaker dollar amid a lack of progress in negotiations on a new US coronavirus relief package.
CHF - BEARISH
1️⃣ The SNB President Thomas Jordan has been reiterating the CB will continue to intervene strongly in the foreign exchange market to stop the rise of the highly valued franc in order to prevent deflation and protect the export-orientated economy.
2️⃣ Switzerland is expected to maintain its ultra-expansive monetary policy for some time as it is facing the sharpest downturn since the aftermath of oil price shocks in the 1970s.
=====
TECHNICAL
=====
- We long CADCHF on RBS level + SMA50 area.
- CADCHF on bullish zone.
=====
RISK ON THIS TRADE
=====
- This trade will hit stop loss if market sentiment turns to risk-off. Also, falling in oil prices will pressure this pair.
1️⃣ Higher oil prices on the back of a bigger-than-expected drop in US crude oil inventories last week according to both the EIA and API.
2️⃣ All major economic data in Canada printed well.
3️⃣ CAD also supported by a weaker dollar amid a lack of progress in negotiations on a new US coronavirus relief package.
CHF - BEARISH
1️⃣ The SNB President Thomas Jordan has been reiterating the CB will continue to intervene strongly in the foreign exchange market to stop the rise of the highly valued franc in order to prevent deflation and protect the export-orientated economy.
2️⃣ Switzerland is expected to maintain its ultra-expansive monetary policy for some time as it is facing the sharpest downturn since the aftermath of oil price shocks in the 1970s.
=====
TECHNICAL
=====
- We long CADCHF on RBS level + SMA50 area.
- CADCHF on bullish zone.
=====
RISK ON THIS TRADE
=====
- This trade will hit stop loss if market sentiment turns to risk-off. Also, falling in oil prices will pressure this pair.
Trade closed: stop reached