Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.25183 with take profit at 1.25408.
Bearish Preference:
Sell position is envisaged if price trades below 1.24718 with take profit at 1.24510.
Fundamentals:
1:30 pm CAD Employment Change
CAD Unemployment Rate
All Day G20 Meetings
Comment: It’s a relatively busy day ahead on the economic data front. Employment figures for June are due out later in the day. With little else for the markets to consider ahead of next week’s Bank of Canada monetary policy decision, expect plenty of interest in the numbers. USD/CAD is on a gradual decline towards 1.2500, having failed to sustain the upside above 1.2550, as the focus shifts towards the Canadian labor market report for the next direction in prices.
Analysis: SCRUM Team
