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Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.27980 with take profit at 1.28156.
Bearish Preference:
Sell position is envisaged if price trades below 1.27250 with take profit at 1.27038.
Fundamentals:
No major fundamental.
Comment: The USD/CAD pair held on to its intraday gains through the early European session and was last seen trading near-daily tops, around the 1.2780-85 region. Following the previous day’s modest pullback from the highest level since February 5, the USD/CAD pair caught some fresh bids on Tuesday and was supported by sustained US dollar buying interest. Growing market fears that the fast-spreading Delta variant of the coronavirus would harm the global economic recovery continued acting as a tailwind for the safe-haven greenback.
Analysis: SCRUM Team
