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Daily Market Analysis 12/10/2021: USDCAD

usdcad
Daily Analysis / Online Education

Daily Market Analysis 12/10/2021: USDCAD

Instrument: USDCAD

Technical Analysis

Bullish Preference: 
A Buy position is envisaged if price trades above 1.24708 with take profit at 1.24876.
Bearish Preference: 
A Sell position is envisaged if price trades below price 1.24375 with take profit at 1.24172.
Fundamentals:
3:00pm USD JOLTS Job Openings
4:15pm USD FOMC Member Clarida Speaks
6:01pm USD 10-y Bond Auction

Comment: The USD/CAD pair spent the Asian session fluctuating in a tight range but started to edge lower ahead of the American session with the commodity-sensitive loonie gathering strength on rising crude oil prices. On the other hand, the negative shift witnessed in risk sentiment helped the greenback gather strength in the late American session on Monday and allowed USD/CAD to limit its losses.

Analysis: SCRUM Team

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