Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.24121 with take profit at 1.24215.
Bearish Preference:
Sell position is envisaged if price trades below 1.23774 with take profit at 1.23672.
Fundamentals:
2:15PM USD: Industrial Production m/m
3:30PM CAD: BOC Business Outlook Survey
Comment: CAD’s rally continued this week, with USD/CAD breaking decisively below 1.24. Economists at ING believe USD/CAD downside potential should be more contained in the week ahead.The USD/CAD pair bounced around 40 pips from the Asian session lows and was last seen hovering near the top end of its intraday trading range, around the 1.2385-90 region. Having shown some resilience below mid-1.2300s, the USD/CAD pair attracted some buying on the first day of a new week
Analysis: SCRUM Team
