Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.21157 with take profit at 1.21273.
Bearish Preference:
Sell position is envisaged if price trades below 1.20977 with take profit at 1.20852.
Fundamentals:
1:30PM USD Prelim GDP q/q
USD Unemployment Claims
3:30pm USD Pending Home Sales m/m
Comment: Oil prices fell on Thursday but stayed within the tight range set this week, with optimism about the summer driving season in the United States and Europe offsetting concerns on demand in India and a potential increase in Iranian supplies.
Most of the euro zone countries’ travel restrictions are lifted considering lower COVID-19 cases boosting demand. However, the rise in cases across many Asian countries including India and the tighter lockdowns have capped a price rally,” said Sunilkumar Katke, head of currencies and commodities at Axis Securities.
Analysis: SCRUM Team