USDCAD Analysis

Daily Market Analysis 06.06.2023: USDCAD

Instrument: USDCAD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.34380 with take profit at 1.34705.
Bearish Preference: 
Sell position is envisaged if price trades below 1.34138 with take profit at  1.33902.
CAD 1:30pm Building Permits m/m              
CAD 3:00pm Ivey PMI

The USD/CAD pair struggles to capitalize on the previous day’s modest gains and comes under some renewed selling pressure on Tuesday. Spot prices continue drifting lower through the early part of the European session and drop to a nearly four-week low in the last hour, albeit showed some resilience below the 1.3400 round-figure mark. The initial market reaction to additional supply cuts by Saudi Arabia and OPEC fades rather quickly amid persistent concerns over slowing economic growth and weakening demand. This, in turn, drags Crude Oil prices lower for the second straight day, which, along with the emergence of some US Dollar (USD) dip-buying, helps limit the intraday losses for the USD/CAD pair. Any meaningful upside for the USD, however, seems limited amid expectations that the Federal Reserve (Fed) will skip hiking interest rates next week.

Analysis: SCRUM Team

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