USDCAD Analysis

Daily Market Analysis 23.05.2023: USDCAD

Instrument: USDCAD

Technical Analysis

Bullish Preference: 
buy position is envisaged if the price trades above 1.35323 with take profit at 1.35448
Bearish Preference: 
sell position is envisaged if the price trades below price 1.35220 with take profit at 1.35148
2:45 PM Flash Manufacturing PMI
Flash Services PMI

USD/CAD recovers from the intraday low of 1.3485 as US Dollar rebound joins downbeat Oil prices early Tuesday in Europe. That said, the Loonie pair remains indecisive around 1.3500 by the press time. US Dollar Index (DXY) grinds higher around 103.30 during the two-day uptrend by the press time. With this, the USD/CAD pair bears the burden of the firmer US Dollar amid hopes of avoiding the US default, despite US President Joe Biden and House Speaker Kevin McCarthy’s failure to offer a deal to avoid the debt ceiling expiry during the latest negotiations. Apart from the US debt ceiling concerns, the recent run-up in the odds favoring the Federal Reserve’s (Fed) 0.25% rate hike in June, as well as no rate cuts in 2023, versus the Bank of Canada’s (BoC) dovish hike, also keeps the USD/CAD bulls hopeful.

Analysis: SCRUM Team

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