Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.24325 with take profit at 1.24451.
Bearish Preference:
Sell position is envisaged if price trades below 1.24016 with take profit at 1.23885.
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
3:00pm USD ISM Services PMI
7:00pm USD FOMC Statement
7:30pm USD FOMC Press Conference
Comment: Although it’s the Fed’s outlook on the interest rates and inflation that will be crucial for the financial markets in the coming months. Meanwhile, the sentiment in the oil market will also play a crucial part in the loonie’s performance, as investors eagerly await the OPEC+ meeting on Thursday. In the meantime, the US ADP and ISM Services PMI will offer fresh trading impulse to the pair, as traders gear up for the Fed decision.
Analysis: SCRUM Team