Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.28443 with take profit at 1.28565.
Bearish Preference:
Sell position is envisaged if price trades below 1.27921 with take profit at 1.27777.
Fundamentals:
No Major Fundamental
Comment: The loonie pair tracks a pause in the prices of Canada’s key export item WTI crude oil to print the latest corrective pullback. However, lackluster markets during the holiday season challenge the moves of late. That said, Thursday’s firmer US Treasury yields and upbeat prints of the Fed’s preferred gauge of inflation, namely the Core PCE Price Index, seemed to have prepared the based for the USD/CAD buyer’s return. It should be noted that Canadian GDP matched 0.8% upbeat forecasts, versus 0.2% upwardly revised prior, for October.
Analysis: SCRUM Team