Instrument: USDCAD
Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1.31084 with take profit at key level 1.30655
Alternative scenario:
Buy position is envisaged if price trades above bearish structure 1.32438 with take profit at 1.33693
Fundamentals:
USD Fed Chair Powell Speaks 2:10pm
CAD BOC Gov Macklem Speaks 4:15pm
USD Jackson Hole Symposium all day
Comment: on the macro view, the dollar is still under demand and over supplied, so a bearish stance on the dollar is still possible. Likewise, the current hurricane is currently affecting oil prices which will definitely boost it due to higher demand but lower supply; hence, a bearish stance on USDCAD generally is being envisaged.
Analysis: SCRUM Team
