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Instrument: USDCAD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1.27453 with take profit at 1.27603.
Bearish Preference:
A Sell position is envisaged if price trades below price 1.26850 with take profit at 1.26720.
Fundamentals:
1:30pm CAD GDP
USD Core PCE Price Index m/m
3:00pm USD ISM Manufacturing PMI
Comment: The loonie gained some traction on the back of early rate hike expectations from the Bank of Canada (BOC) as per the Fidelity Investments portfolio Manager David Wolf. The supply constraints and higher-than-normal inflation could push the central bank to take a step forward. Additionally, higher crude oil prices also lifted the sentiment around the Canadian dollar. As for now, traders are waiting for the US Personal Spending and Income data, PCE Price Index, ISM Manufacturing PMI, Canadian Gross Domestic Data (GDP) to take fresh trading impetus.
Analysis: SCRUM Team
