Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.28550 with take profit at 1.28623
Bearish Preference:
Sell position is envisaged if price trades below 1.28295 with take profit at 1.28198
Fundamentals:
1:30PM USD Unemployment Claims
5:00PM USD FOMC Member Mester Speaks
Comment:
USD/CAD rose 0.1% to 1.3127, with the greenback regaining its poise after the Bank of Canada went all in on Wednesday with a percentage-point rate hike. “We think that the BoC’s faster hiking could help the currency in the longer run but for now, external factors (eg, global risk sentiment, oil prices) continue to play a much bigger role and may keep CAD gains capped in the near-term While, 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