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Intraday: Bullish
Technical Analysis
Preference:
A Buy position is envisaged if price trades above 1.42092 with take profit at 1.42645
Alternative scenario:
Sell position is envisaged if price trades below 1.41458 with take profit at 1.41082
Fundamentals:
No fundamentals
Comment: For now, the main driver of the current USD/CAD upside is the downside move on the oil price front – all oil-related currencies are under pressure today. There’s a major panic in the oil market right now and it’s hard to tell when the selling stops, so USD/CAD may gain even more ground in the upcoming trading sessions if oil continues to trend down.
Analysis: SCRUM Team
