Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.25710 with take profit at 1.25880.
Bearish Preference:
Sell position is envisaged if price trades below 1.25522 with take profit at 1.25352.
Fundamentals:
No Major Fundamental
Comment: Strong gains in Treasury yields and a drop in commodity prices helped buoy the greenback. U.S. Treasury yields moved higher following Friday’s stronger than expected U.S. employment report. There isn’t any major market-moving economic data due for release on Tuesday, either from the US or Canada, leaving the USD/CAD pair at the mercy of the US/oil price dynamics. Nevertheless, the fundamental backdrop remains tilted firmly in favour of bullish traders, warranting some caution before positioning for any meaningful corrective fall.
Analysis: SCRUM Team
