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Instrument: USDCAD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 1.26672 with take profit at price 1.26793.
Bearish Preference:
A sell position is envisaged if price trades below price 1.26318 with take profit at price 1.26193.
Fundamentals:
1:30pm USD CPI m/m
USD Core CPI m/m
Comment: USD/CAD bears take a breather following the heaviest daily fall in eight days, giving the bears the momentum during the early Tuesday morning in Asia. While firmer oil prices keep the pair bears hopeful, Fed tapering chatters ahead of the key US Consumer Price Index (CPI) restrict the Loonie pair’s downside of late. On Tuesday, the US Bureau of Labor Statistics will release the Consumer Price Index (CPI) figures for August, USD/CAD may witness sluggish moves as markets are likely to turn range-bound ahead of the crucial US CPI data.
Analysis: SCRUM Team
