Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.21329 with take profit at 1.21471.
Bearish Preference:
Sell position is envisaged if price trades below 1.21069 with take profit at 1.20921.
Fundamentals:
1:30pm USD Average Hourly Earnings m/m
USD Non-Farm Employment Change
USD Unemployment Rate
CAD Employment Change
CAD Unemployment Rate
Comment: The US dollar was broadly higher on Thursday, as the Fed surprised the markets when it announced that it will begin to scale back its portfolio. The Fed ended its purchase of corporate bonds in 2020, and will now gradually sell these assets.
Canada will also release key job data, with the market expecting soft numbers. April was dismal, as the economy shed 207.1 thousand jobs. May is expected to show a small decline of 20.0 thousand. The unemployment rate is projected to edge up to 8.2%, down from 8.1%
Analysis: SCRUM Team