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Instrument: USDCAD
Bullish Preference:
Buy position is envisaged if price trades above 1.36576 with take profit at 1.36814
Bearish Preference:
Sell position is envisaged if price trades below 1.36216 with take profit at 1.35950
Fundamentals:
1:30pm USD Empire State Manufacturing Index
3:30pm USD FOMC Member Harker Speaks
9:30pm USD FOMC Member Harker Speaks
Comment:
Tiff Macklem, Governor of the Bank of Canada, addressed potential future interest rate hikes amidst geopolitical instability and persistent inflation at the International Monetary Fund meetings in Marrakesh, Morocco on Friday. The bank’s rate decision, set to be announced on October 25, will take into account a multitude of factors including the impact of long-term bond yields on borrowing costs, the role of savings in offsetting the effect of mortgage renewals at higher rates, and the strategy of using deposits to pay down mortgages.
Analysis: SCRUM Team
