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Instrument: USDCAD
Bullish Preference:
A buy position is envisaged if the price trades above 1.31263 with take profit at 1.31380
Bearish Preference:
A sell position is envisaged if the price trades below 1.31095 with take profit at 1.30932
Fundamentals:
1:30AM CAD CPI m/m 1:30AM Median CPI y/y
1:30AM Trimmed CPI y/y
Comment:
It has been an interesting couple of weeks for the Canadian Dollar as the loonie has had an impressive run against the Greenback in particular. This has come against a backdrop of falling Oil prices, which is a surprise given the correlation between the two. Over the past couple of weeks attention has been on other Major Central Banks and their rate paths for the rest of 2023, allowing the Bank of Canada (BoC) to slide under the radar. USD/CAD made a high for the day exactly at resistance at 1.3210/30. Shorts on a retest of the resistance this week need stop above 1.3245.
Analysis: SCRUM Team
