Instrument: USDCAD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 1.25826 with take profit at price 1.26143.
Bearish Preference:
A sell position is envisaged if price trades below price 1.25227 with take profit at price 1.24949.
Fundamentals:
1:30pm USD Average Hourly Earnings m/m
USD Non-Farm Employment Change
USD Unemployment Rate
3:00pm USD ISM Services PMI
Comment: The USD/CAD pair dropped three-week lows, around the 1.2540 region during the early European session, with bears now awaiting a sustained break below the very important 200-day SMA.The US dollar languished near one-month lows amid expectations that the Fed will wait for a longer period before rolling back its massive pandemic-era stimulus. Moreover, doubts about the US labour market recovery has further dampened prospects for an early lift-off. This turned out to be key factors that continued weighing on the greenback and acted as a headwind for the USD/CAD pair
Analysis: SCRUM Team