Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.26313 with take profit at 1.26469.
Bearish Preference:
Sell position is envisaged if price trades below 1.25969 with take profit at 1.25840.
Fundamentals:
1:30pm USD Core Durable Goods Orders m/m
3:30pm USD Crude Oil Inventories
Comment: The greenback had rallied until the start of this week, with the dollar index hitting a 9 1/2-month high of 93.734 on Friday, not just on fear about Delta’s economic impact, but also as the Federal Reserve signaled a tapering of stimulus was likely this year. However, with Delta clouding the outlook, expectations have diminished that Fed Chair Jerome Powell will indicate a timeline when he speaks at the Fed’s annual economic symposium at Jackson Hole, Wyoming, on Friday.
Analysis: SCRUM Team