Instrument: USDCAD
Bullish Preference:
A buy position is envisaged if the price trades above 1.34648 With take profit at 1.34914
Bearish Preference:
A sell position is envisaged if the price trades below 1.34351 with Take profit at 1.34017
Fundamentals:
7:00pm USD Federal Funds Rate
USD FOMC Economic Projections
USD FOMC Statement
Comment:
The dollar index has traded in a tight range of late, with traders hunkering down for news to come out of the Federal Reserve as officials conclude the latest policy-setting meeting later in the session. The U.S. central bank is widely expected to keep interest rates on hold. But with energy prices on the rise again and economic data tending to show a resilient economy, Fed chair Jerome Powell is likely to keep open the option of another hike before the end of the year “We expect Powell to express optimism over the continued cooling in the labor market and the accompanying disinflation, which has come alongside continued strength in economic growth,” said analysts at ABN Amro, in a note. “At the same time, we expect Powell to reiterate that the Committee remains open to further rate rises should that prove necessary.”
Analysis: SCRUM Team