Instrument: USDCAD
Bullish Preference:
Buy position is envisaged if price trades above 1.37334 With take profit at 1.37457
Bearish Preference:
Sell position is envisaged if price trades below 1.37008 with Take profit at 1.36924
Fundamentals:
CAD: CPI m/m 2:30PM
Median CPI y/y 2:30PM
Trimmed CPI y/y 2:30PM
USD: FOMC Meeting Minutes 8PM
Comment:
USD/CAD trades higher near 1.3710 on higher Crude prices, eyes on CPI Canada
USD/CAD retraces its recent gains, trading lower around 1.3710 during the Asian session on Tuesday. The Canadian Dollar (CAD) receives upward support against the Greenback due to the higher Crude Oil prices.
Technically, Yesterday, the USD/CAD traded in different directions in the range of 1.3690-1.3750 and closed the day without significant changes. Today the pair was trading in a narrow range of 1.3705-30, remaining close to yesterday’s closing price. On the hourly chart, USD/CAD is still testing the strength of the support – the moving average line MA (200) H1 (1.3755). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the north direction in trading and while the pair remains above MA 200 H1, may be you need to look for entry points to buy at the end of the correction.
Analysis: SCRUM Team