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Instrument: USDCAD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1.26569 with take profit at 1.26683.
Bearish Preference:
A Sell position is envisaged if price trades below price 1.26238 with take profit at 1.26079.
Fundamentals:
USD: Fed Chair Powell Testifies
Comment: The USD/CAD pair reversed an early European session dip to over two-week lows and rallied over 50 pips in the last hour, albeit lacked follow-through. The pair was last seen trading around mid-1.2600s, up nearly 0.15% for the day. The pair showed some resilience below the 1.2600 mark and witnessed an intraday short-covering move on the back of a broad-based US dollar strength, bolstered by surging US Treasury bond yields.
Analysis: SCRUM Team
