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Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.26183 with take profit at 1.26302.
Bearish Preference:
Sell position is envisaged if price trades below 1.25722 with take profit at 1.25584
Fundamentals:
1:30pm CAD Employment Change
CAD Unemployment Rate
Comment:
The USD/CAD pair scaled higher for the third successive day on Thursday and built on its solid recovery from the lowest level since November 2021, around the 1.2400 mark touched earlier this week. Crude oil prices languished near the three-week low, which undermined the commodity-linked loonie and acted as a tailwind for the major amid a stronger US dollar.
Analysis: SCRUM Team
