Instrument: USDCAD
Technical Analysis
Bullish Preference:
buy position is envisaged if price trades above 1.34747 with take profit at 1.34962.
Bearish Preference:
sell position is envisaged if price trades below 1.34565 with take profit at 1.34409.
Fundamentals:
1:30 pm USD Unemployment Claims
4:00 pm CAD BOC Gov Macklem Speaks
Comment:
The Canadian dollar is set to rally over the coming year, after a period in which it consolidates its recent gains, as an expected slowdown in economic activity stops short of a hard landing for the economy, (a Reuters poll showed on Wednesday). Since early March the Canadian currency has rallied about 3% against its U.S. counterpart as worries the global banking crisis would lead to a credit crunch eased and the U.S. dollar lost ground against a basket of major currencies. A surge this week in the price of oil, one of Canada’s major exports, has added further momentum to the currency.
Analysis: SCRUM Team