Instrument: USDCAD
Bullish Preference:
A buy position is envisaged if the price trades above 1.13355 with take profit at 1.34761.
Bearish Preference:
A sell position is envisaged if the price trades below 1.36753 with take profit at 1.36490
Fundamentals:
USD 1:30PM
Average Hourly Earnings m/m
Non-Farm Employment Change
Unemployment Rate
CAD 1:30PM
Unemployment Rate
Employment Change
Comment:
The Canadian Dollar is heading towards its worst 2-week period against the US Dollar since the middle of February with USD/CAD up about 1.8 percent so far. Retail traders have been responding by increasing downside exposure, which can be seen by looking at IG Client Sentiment (IGCS). The latter often functions as a contrarian indicator. With that in mind, will USD/CAD continue higher from here?
Analysis: SCRUM Team
