Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.25381 with take profit at 1.25557.
Bearish Preference:
Sell position is envisaged if price trades below 1.25043 with take profit at 1.24914.
Fundamentals:
2:30 PM CAD – Core retail sales
CAD – Retail sales
Comment: The USD/CAD pair maintained its bid tone heading into the European session and was last seen trading just a few pips below the daily high, around the 1.2520 region. The pair built on the previous day’s rebound from the 1.2450 support area and gained some follow-through traction on Friday amid the ongoing retracement slide in crude oil prices.
Analysis: SCRUM Team