Instrument: USDCAD
Bullish Preference:
A buy position is envisaged if the price trades above 1.32454 with take profit at 1.32565
Bearish Preference:
A sell position is envisaged if the price trades below 1.32269 with take profit at 1.32157
Fundamentals:
1:30pm USD: Building Permits Housing Starts
Comment:
The USD/CAD pair is demonstrating topsy-turvy moves above the round-level support of 1.3200 in the London session. The Loonie asset is showing lackluster action following the footprints of the sideways US Dollar Index (DXY) and oil prices. The US Dollar Index (DXY) is hovering around 102.48 as investors are keeping an eye over the Federal Reserve (Fed) chair Jerome Powell’s testimony. Interest rate guidance and a detailed explanation behind a skip in the policy-tightening regime will be keenly watched.
Analysis: SCRUM Team