Instrument: USDCAD
Bullish Preference:
Buy position is envisaged if price trades above 1.36226 With take profit at 1.36530
Bearish Preference:
Sell position is envisaged if price trades below 1.35560 with Take profit at 1.35214
Fundamentals:
1:30pm USD Core PPI m/m
USD PPI m/m
3:15pm USD FOMC Member Waller Speaks
7:00pm USD FOMC Meeting Minutes
Comment:
The annual meetings of the International Monetary Fund (IMF) and the World Bank, which started on Monday in Marrakesh, Morocco, have shed light on the ongoing difficulties for the global economy. The World Economic Outlook report highlighted the enduring impact of factors such as the COVID-19 pandemic, geopolitical conflicts, and a cost of living crisis.
Economic activity continues to lag, especially in emerging markets and developing economies. This is due to a combination of lingering pandemic effects, geopolitical issues, restrictive monetary policies, and climate-related disruptions. The report predicts a decrease in economic activity for advanced economies from 2.6% in 2022 to 1.5% in 2023 and further down to 1.4% in 2024. The only exception is the US which is expected to show stronger growth.
Analysis: SCRUM Team