Daily Market Analysis 30/08/2021: USDCAD

Instrument: USDCAD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.26434 with take profit at 1.26583.
Bearish Preference: 
Sell position is envisaged if price trades below 1.26027 with take profit at 1.25875.
Fundamentals: No major fundamental.

Comment: Technically, USD/CAD is currently bouncing around a critical level of support on the technical front. Firstly, the key level of support coincides with key Fibonacci levels of historical moves. The 1.263 level is both the 76.4% retracement of the 2020 – 2021 move and is also the 50% retracement of the historical high and low (2002 High and 2007 Low). Fundamentally, The USD/CAD was bracketed by losses last week as sharp gains in crude oil on Monday and Tuesday drove the pair down more than two figures, and the Federal Reserve’s taper hesitation on Friday reversed Thursday’s minor recovery.

Analysis: SCRUM Team

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