Instrument: USDCAD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1.26060 with take profit at 1.26178.
Bearish Preference:
A Sell position is envisaged if price trades below price 1.25756 with take profit at 1.25636.
Fundamentals:
3:00pm USD ISM Services PMI
6:15pm USD FOMC Member Quarles Speaks
Comment: The pair struggled to capitalize on its early positive move and witnessed some selling near the 1.2630 area amid bullish crude oil prices, which tend to underpin the commodity-linked loonie.The USD continued drawing support from firming market expectations that the Fed would begin rolling back its massive pandemic-era stimulus.
Analysis: SCRUM Team
