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Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.28611 with take profit at 1.28776
Bearish Preference:
Sell position is envisaged if price trades below 1.27876 with take profit at 1.27696
Fundamentals:
1:30pm CAD CPI m/m
CAD Common CPI y/y
CAD Median CPI y/y
CAD Trimmed CPI y/y
Comment:
The USD/CAD pair prolonged its recent pullback from the highest level since November 2020 touched last week and remained depressed for the third successive day on Tuesday. A general improvement in global risk sentiment – as depicted by the overnight rally in the equity markets – dragged the safe-haven US dollar away from a two-decade high. This, in turn, was seen as a key factor that exerted some pressure on the major, though weaker crude oil prices undermined the commodity-linked loonie and helped limit the downside.
Analysis: SCRUM Team
