Instrument: USDCAD
Bullish Preference:
A buy position is envisaged if the price trades above 1.35875 with take profit at 1.35998.
Bearish Preference:
A sell position is envisaged if the price trades below 1.35760 with take profit at 1.35640.
Fundamentals:
3:00pm USD Revised UoM Consumer Sentiment
3:05pm USD Fed Chair Powell Speaks
All Day Jackson Hole Symposium
Comment:
The dollar was flat on Friday but set for a fifth consecutive week of gains in its longest winning streak for 15 months, buoyed by demand for safer assets on worries over China’s economy and bets that U.S. interest rates will stay high. The dollar index is at its highest in over 2 months getting to the 104.136 region. The Jackson Hole Symposium is a major decider of what happens next in the scheme of things as per the issues facing the global financial market. The Canadian economy has suffered a major blow to the economic outlook in China as well as its challenges with getting oil to power its industry. The OPEC+ members are scrambling to join BRICS which could be a unifying factor against the US Dollar at a later date as the progress unfolds.
Analysis: SCRUM Team