Instrument: USDCAD
Bullish Preference:
A buy position is envisaged if the price trades above 1.35107 with take profit at 1.35598
Bearish Preference:
A sell position is envisaged if the price trades below 1.34830 with take profit at 1.34636
Fundamentals:
1:30 USD Trade Balance
1:30 Final Wholesale Inventories m/m
1:30 CAD Trade Balance
Comment:
Apart from this, expectations that the Bank of Canada (BoC) will pause its interest rate hike campaign undermine the commodity-linked Loonie. Meanwhile, the prospects for further policy tightening by the Federal Reserve (Fed), along with a softer risk tone, boost demand for the safe-haven US Dollar (USD) and provides a goodish lift to the USD/CAD pair.
Analysis: SCRUM Team
