Instrument: USDCAD
Bullish Preference:
A buy position is envisaged if the price trades above 1.34037 with take profit at 1.34401.
Bearish Preference:
A sell position is envisaged if the price trades below 1.33592 with take profit at 1.33181.
Fundamentals:
No High Impact
Comment:
Analysts have raised their bullish forecasts on the Canadian dollar as central banks globally, including the Federal Reserve, move closer to concluding interest rate hiking campaigns, a Reuters poll showed on Thursday. Investors are betting the Fed is close to completing its tightening campaign and will shift to rate cuts in the first half of 2024. That would likely be supportive of the global economy. Canada is a major exporter of commodities, including oil, so the loonie is particularly sensitive to global economic prospects.
Analysis: SCRUM Team