Instrument: USDCAD
Technical Analysis
Bullish Preference:
A buy is envisaged if price trades above 1.22988 with take profit at 1.23099.
Bearish Preference:
A sell is envisaged if price trades below 1.22632 with take profit at 1.22512.
Fundamentals:
1:30pm CAD GDP m/m
Comment: The Canadian dollar surged by the most since June 2020 against its U.S. counterpart on Wednesday, April 21st as investors welcomed a move by the Bank of Canada to dial back emergency support for the economy, the pair continued its bearish run ever since. The U.S. dollar skidded toward a fourth straight weekly decline against a basket of major peers on Friday, as the Federal Reserve stuck to its message of ultra-low interest rates for longer.
Analysis: SCRUM Team
