Instrument: USDCAD
Bullish Preference:
A buy position is envisaged if the price trades above 1.32124 With take profit at 1.32249
Bearish Preference:
A sell position is envisaged if the price trades below 1.31757 with Take profit at 1.31632
Fundamentals:
1:30PM CAD: CPI m/m
Median CPI y/y
Trimmed CPI y/y
Common CPI y/y
1:30PM USD Core Retail Sales
Retail Sales m/m
Comment:
USD/CAD fell Tuesday, with just a day to go until the Bank of Canada is expected to deliver its second-straight rate hike after following a surprise hike last month. USD/CAD fell 0.20% to 1.3253. The Bank of Canada is expected to lift rates by 0.25% to 5% on Wednesday after resuming rate hikes last month following a five-month hiatus. More so on the sell, The U.S. dollar slipped lower in early European hours Tuesday, trading near a more than one-year low as traders increasingly factor in a prompt end to the Federal Reserve’s tightening cycle.
Analysis: SCRUM Team