USDCAD Analysis

Daily Market Analysis 09.08.2022: USDCAD

Instrument: USDCAD

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1.28820 with take profit at 1.28973
Bearish Preference: 
Sell position is envisaged if price trades  below 1.28542 with take profit at 1.28412
No major fundamental

The USD/CAD pair regains some positive traction on Tuesday and reverses a part of the previous day’s sharp decline. The pair maintains its bid tone around the 1.2860 region through the first half of the European session, though the uptick lacks bullish conviction. The emergence of fresh selling around crude oil prices undermines the commodity-linked loonie, which, in turn, offers some support to the USD/CAD pair. Investors remain worried that a global economic slowdown could hit fuel demand. Furthermore, the latest progress to revive the Iran nuclear accord might clear the way to boost crude supply in a tight market and exerts some downward pressure on the black liquid. That said, a softer tone surrounding the US dollar keeps a lid on any meaningful upside for the major

Analysis: SCRUM Team

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