Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.27268 with take profit at 1.27404.
Bearish Preference:
Sell position is envisaged if price trades below 1.26821 with take profit at 1.26672.
Fundamentals:
6:00pm CAD BOC Gov Macklem Speaks
Comment:
The dollar stayed in a holding pattern on Wednesday, a day before the release of U.S. consumer price data that may offer new clues on the pace of Federal Reserve policy tightening. For the U.S. central bank, markets are pricing in more than a 70% chance of a 25 basis point hike and a nearly 30% chance for a 50 basis point hike when policymakers meet in March, according to CME’s FedWatch Tool.
Analysis: SCRUM Team