Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if the price trades above 1.36552 with take profit at 1.36864
Bearish Preference:
Sell position is envisaged if the price trades below 1.35683 with take profit at 1.35387
Fundamentals:
1:30pm CAD GDP m/m
Comment:
Oil prices edged higher Thursday, continuing the previous session’s strong gains after record-high U.S. crude exports pointed to healthy global oil demand. A report from the Energy Information Administration, released Wednesday, detailed a bigger-than-expected rise in U.S. crude inventories, but the market looked through this given a large percentage of the increase came from a drawdown of strategic reserves.
Analysis: SCRUM team