Instrument: USDCAD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1.31734 with take profit at 1.31888
Bearish Preference:
A Sell position is envisaged if price trades below price 1.31474 with take profit at 1.31312
Fundamentals:
1:30pm USD Unemployment Claims
3:00pm USD ISM Manufacturing PMI
Comment:
The U.S. dollar rose in early European trade Thursday on growing expectations of further aggressive interest rate hikes by the Federal Reserve, with the Japanese yen being particularly hard hit. Also considering that the Canadian dollar is a Petrocurrency, Oil prices weakened Thursday, falling to a two-week low after China’s Caixin manufacturing PMI, a gauge of private-sector manufacturing activity, fell back into contraction territory last month, indicating COVID difficulties were hitting the world’s second largest economy in the world.
Analysis: SCRUM Team