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Instrument: USDCAD
Bullish Preference:
A buy position is envisaged if the price trades above 1.36732 with take profit at 1.36830
Bearish Preference:
A sell position is envisaged if the price trades below 1.36476 with take profit at 1.36385
Fundamentals:
CAD
Employment Change 1:30 PM
Unemployment Rate 1:30 PM
Comment:
USD/CAD remains well within the existing uptrend but signs of potential fatigue have appeared around current levels. The extended upper candle wicks around the significant 61.8% Fibonacci retracement (1.3650) suggests a rejection of higher prices. The RSI also reveals that the current bullish trend is at risk of overheating as it enters overbought territory.The dollar gained on Thursday after earlier pushing the yen to a 10-month low and driving the euro and sterling to their weakest levels in three months, bolstered by a still-resilient U.S. economy that has defied expectations despite aggressive tightening by the Federal Reserve.
Analysis: SCRUM Team
