Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.27482 with take profit at 1.27741.
Bearish Preference:
Sell position is envisaged if price trades below 1.27013 with take profit at 1.26773.
Fundamentals:
No major fundamentals
Comment: The Canadian Dollar be may increasingly at risk of depreciating further against the US Dollar. USD/CAD has closed above the key 1.2748 – 1.2808 resistance zone, marking the highest point since February. Still, confirmation is lacking and negative RSI divergence is present. The latter shows that upside momentum is fading, which can at times precede a turn lower. On the other hand, a bullish crossover between the 50- and 100-day Simple Moving Averages offers an upside bias, placing the focus on the January high and beyond.
Analysis: SCRUM Team