Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.25622 with take profit at 1.25743.
Bearish Preference:
Sell position is envisaged if price trades below 1.25388 with take profit at 1.25275.
Fundamentals: No major Fundamentals
Comment: The U.S. labor market cooled sharply in August, hurt by weakness in the leisure and hospitality sector amid another major coronavirus outbreak. According to the nonfarm payrolls (NFP) report, the economy created only 235,000 jobs, well below the consensus of 733,000 new hires and the lowest print since January, when COVID-19 vaccinations were just beginning. USD/CAD is still clinging onto key moving average support at 1.2532/31. However, analysts at Credit Suisse turn their bias to the downside, with next support at 1.2479.
Analysis: SCRUM Team
