Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.28798 with take profit at 1.28942
Bearish Preference:
Sell position is envisaged if price trades below 1.28602 with take profit at 1.28481
Fundamentals:
1:30pm USD Core Retail Sales USD Retail Sales
7:00pm USD FOMC Meeting
Comment:
The U.S. dollar stabilized in early European trade Wednesday ahead of the release of the minutes from the last Federal Reserve meeting, while sterling edged higher after the latest jump in inflation. Softer-than-expected U.S. inflation readings last week had seen the dollar weaken as traders trimmed their bets on a sharp interest rate hike in September. But the index has largely recovered the lost ground as a number of Fed policymakers flagged more hefty interest rates this year, given that inflation is still pinned near 40-year highs.
Analysis: SCRUM Team
