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Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.28820 with take profit at 1.28973
Bearish Preference:
Sell position is envisaged if price trades below 1.28542 with take profit at 1.28412
Fundamentals:
No major fundamental
Comment:
The USD/CAD pair regains some positive traction on Tuesday and reverses a part of the previous day’s sharp decline. The pair maintains its bid tone around the 1.2860 region through the first half of the European session, though the uptick lacks bullish conviction. The emergence of fresh selling around crude oil prices undermines the commodity-linked loonie, which, in turn, offers some support to the USD/CAD pair. Investors remain worried that a global economic slowdown could hit fuel demand. Furthermore, the latest progress to revive the Iran nuclear accord might clear the way to boost crude supply in a tight market and exerts some downward pressure on the black liquid. That said, a softer tone surrounding the US dollar keeps a lid on any meaningful upside for the major
Analysis: SCRUM Team
