Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.29127 with take profit at 1.29641
Bearish Preference:
Sell position is envisaged if price trades below 1.27956 with take profit at 1.27279
Fundamentals:
1:30pm CAD CPI m/m
Comment:
The U.S. dollar edged lower in early European trade but remained below its recent two-decade peak after expectations of a huge interest rate hike in July receded. The release of consumer price data on Wednesday showing inflation racing at the fastest pace in four decades had lifted expectations that the Federal Reserve would go for a super-sized tightening of at least 100 basis points at its meeting at the end of July, boosting the dollar substantially.
Analysis: SCRUM Team
