Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.25534 with take profit at 1.25724.
Bearish Preference:
Sell position is envisaged if price trades below 1.25134 with take profit at 1.24982.
Fundamentals:
1:30 PM USD Unemployment Claims
Philly Fed Manufacturing Index
Empire State Manufacturing Index
2:30 PM Fed Chair Powell Testifies
Comment:Crude prices tumbled after gasoline and distillate inventories grew and the standoff between Saudi Arabia and the UAE was poised to end, which would allow OPEC+ to increase output in August. The Delta variant has put a dent in short-term crude demand outlook and oil prices seem like they can continue to drift lower.Now that Abu Dhabi and Riyadh have made enough progress to resolve the standoff that stemmed from the failed July 1st meeting on output, energy markets will have to wait till next month’s meeting to see how other countries posture for market share.
Analysis: SCRUM Team