Instrument: USDCAD
Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1.30888 with take profit at 1.30778
Alternative scenario:
Buy position is envisaged if price trades above 1.30945 with take profit at 1.31537
Fundamentals:
1:30pm
CAD GDP m/m
USD
Core PCE Price Index m/m
USD
Personal Spending m/m
Comment: The loonie gained momentum despite the recovery of the US dollar following the new framework announced by the Federal Reserve. The central bank adopted an average inflation target but sentiments are still very strong with the loonie after positive sentiments from BOC Gov Macklem yesterday
Analysis: SCRUM Team
