Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.24976 with take profit at 1.25018
Bearish Preference:
Sell position is envisaged if price trades below 1.24896 with take profit at 1.24800
Fundamentals:
No major Fundamental.
Comment:
Amid heightened geopolitical and fundamental risks, the safe-haven appeal of the US Dollar and the hawkish rhetoric of the Federal Reserve has allowed USD to strengthen against its major counterparts, limiting Canadian Dollar gains. Although an influx of fiscal stimulus and low interest rates has softened the economic blow of the Covid-19 pandemic, commodity supply constraints have weighed on energy prices, driving inflation higher.
Analysis: SCRUM Team