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USDCAD Analysis

Daily Market Analysis 08.02.2023: USDCAD

Instrument: USDCAD

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if the price trades above 1.33991 with take profit at 1.34125
Bearish Preference: 
A Sell position is envisaged if the price trades below 1.33692 with take profit at 1.33516
Fundamentals: 
3:15pm USD FOMC Member Williams Speaks 

Comment: 
The U.S. dollar slipped lower in early European trade Tuesday, consolidating after recent gains ahead of a key speech from Fed Chair Jerome Powell, while the Australian dollar surged after the Reserve Bank hiked interest rates. The index is pausing for breath after its rally in the wake of Friday’s strong employment report, which prompted traders to raise their forecasts of how high Federal Reserve interest rate levels will need to rise in order to tame inflation.

Analysis: SCRUM Team

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