Daily Trading Analysis 20.10.2020

Technical & Fundamental analysis

Trading Analysis of USD/CAD Due to Turkey's possible use of Canadian military equipment in the Nagorno-Karabakh conflict, Canada suspended the issuance of permits for exporting weapons to Turkey. Our Analysis: Provided that the currency pair is traded above 1.3165, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.3180 Take Profit 1: 1.3215 Take Profit 2: 1.3235 Alternative scenario: In case of breakdown of the level 1.3165, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.3165 Take Profit 1: 1.3145 Take Profit 2: 1.3120 Learn More Trading Analysis of S&P 500 Index The U.S. stock market closed with a decline amid worsening investor sentiment due to a lack of progress in agreeing on a new stimulus package. Speaker of the U.S. House of Representatives Nancy Pelosi on Saturday night called on the White House to agree on the remaining outstanding issues within 48 hours, The Wall Street Journal reported. Pelosi and U.S. Treasury Secretary Steven Mnuchin were scheduled to hold further discussions on Monday. Standard & Poor's 500 dropped 56.89 points (1.63 percent). Our Analysis: Provided that the index is traded below 3467.00, follow the recommendations below: Time frame: H4 Recommendation: short position Entry point: 3426.90 Take Profit 1: 3400.00 Take Profit 2: 3370.00 Alternative scenario: In case of breakout of the level 3467.00, follow the recommendations below: Time frame: H4 Recommendation: long position Entry point: 3467.00 Take Profit 1: 3515.00 Take Profit 2: 3550.00 Learn More Fundamental Trading Analysis of Tesla Tomorrow Tesla will introduce its earnings report on the results of the third quarter. After the announcement of record shipments in the third quarter, expectations for the financial performance of the electric car manufacturer for this period are high. Moreover, the rapid growth in share prices last year has raised the odds that Tesla will continue to grow rapidly. Our Analysis: While the price is above 380.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 439.67 Take Profit 1: 549.00 Take Profit 2: 595.00 Alternative scenario: If the level 380.00 is broken-down, follow the recommendations below. Time frame: D1 Recommendation: short position Entry point: 380.00 Take Profit 1: 305.00 Take Profit 2: 261.00 Learn More ‌ ‌ ‌ ‌ ‌ Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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