Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.25299 with take profit at 1.25422.
Bearish Preference:
Sell position is envisaged if price trades below 1.24759 with take profit at 1.24590.
Fundamentals:
2:30pm USD Retail Sales
Comment: The persistent weakness in the US dollar, despite the uptick in the Treasury yields, recalls sellers, as investors remain wary ahead of the critical US Retail Sales and prelim UoM Consumer Sentiment releases. Also, Oil prices ease from higher levels amid dwindling energy demand from China and concerns that the US may soon act to cool off prices.
Analysis: SCRUM Team