Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.29699 with take profit at 1.29739
Bearish Preference:
Sell position is envisaged if price trades below price 1.29525 with take profit at 1.29445
Fundamentals:
9:45am USD Flash Manufacturing PMI
USD Flash Services PMI
3:00pm USD Fed Chair Powell Testifies
Comment:
The Fed Chair seemed to play down supply chain bottleneck and sharpened his focus on demand, which lent support to some political arguments that the American Rescue Act. At the press conference following the FOMC meeting, Powell seemed to acknowledge that among large countries, US inflation was in the middle of the pack, and that fiscal stimulus could not explain the relatively modest inflation differentials.
Analysis: SCRUM Team