Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above1.30047 with take profit at 1.30127
Bearish Preference:
Sell position is envisaged if price trades below price 1.29777 with take profit at 1.29664
Fundamentals:
1:30pm USDCPI m/m
USDCore CPI m/m
Comment:
The U.S. dollar edged higher in early European trade Wednesday, while the euro languished close to parity ahead of the release of key U.S. inflation data which could cement further hefty rate hikes by the Federal Reserve. Attention Wednesday is focused squarely on the release of the latest U.S. consumer prices data later in the session, which is expected to show that headline U.S. inflation accelerated to 8.8% year-on-year in June, up from 8.6% in May and a 40-year high.
Analysis: SCRUM Team