Instrument: USDCAD
Bullish Preference:
Buy position is envisaged if price trades above 1.32695 with take profit at 1.32835
Bearish Preference:
Sell position is envisaged if price trades below 1.32350 with take profit at 1.32190
Fundamentals:
CAD GDP m/m 1:30 PM
USD Core PCE Price Index m/m 1:30 PM
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 stops above 1.3245.
Analysis: SCRUM Team