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Instrument: USDCAD
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 1.36552 with take profit at 1.36628.
Bearish Preference:
A sell position is envisaged if the price trades below 1.36390 with take profit at 1.36322.
Fundamentals:
1:30 pm CAD GDP m/m
3:00 pm USD JOLTS Job Openings
Comment:
April’s flash estimate may provide a ‘heads-up’ for slower growth ahead (recall the MPR anticipated GDP slowing to 1.0% SAAR in Q2 after a strong start to the year). That would not detract from our view that a little more ‘insurance’ tightening from the BoC is appropriate amid sticky inflation and signs that the housing market is taking off again but softer growth data might add to near-term pressure on the CAD.
Analysis: SCRUM Team
