Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.27604 with take profit at 1.27789.
Bearish Preference:
Sell position is envisaged if price trades below 1.27299 with take profit at 1.27128.
Fundamentals:
No major fundamental
Comment: USD/CAD has soared since late October amid weak oil prices and broad-based U.S. dollar strength, triggered by rising yields on expectations that the FOMC will accelerate the pace of monetary policy normalization to counter rising inflationary forces in the economy. Consistent with its mediocre December seasonal tendency, the US Dollar (via the DXY Index) edged lower during the second week of the month.
Analysis: SCRUM Team