Instrument: USDCAD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 1.28753 with take profit at price 1.29032.
Bearish Preference:
A sell position is envisaged if price trades below price 1.28198 with take profit at price 1.27930.
Fundamentals: CAD: Federal Election (ALL DAY)
Comment: USD/CAD rose 0.3% to 1.2810, with the oil-sensitive Canadian dollar hit by Monday’s fall in oil prices as well as political uncertainty ahead of an election where polling suggests incumbent Prime Minister Justin Trudeau will remain leader of a minority government. The USD/CAD pair added to its strong intraday gains and climbed to one-month tops, further beyond the 1.2800 mark heading into the European session.
Analysis: SCRUM Team