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USDCAD Analysis

Daily Market Analysis 15.08.2023: USDCAD

Instrument: USDCAD

Bullish Preference: 
A buy position is envisaged if the price trades above  1.34868  With take profit at 1.34975
Bearish Preference: 
A sell position is envisaged if the price trades below 1.34663 with Take profit at 1.34533
Fundamentals:
1:30 PM USD Core Retail Sales m/m
Empire State Manufacturing Index
Retail Sales m/m 

Comment: 
Economists are calling for a rise in Canadian headline inflation for July but expect signs of cooling within the core inflation data for the month. Statistics Canada is set to release its latest consumer price index (CPI) data on Tuesday. Economists tracked by Bloomberg are calling for inflation to tick up to 3.0 per cent for July annually and post a 0.3 per cent rise month-over-month. This would mark a reversal from the previous month’s decline of 2.8 per cent in inflation. Also today, are some high impact fundamentals from the US region.

Analysis: SCRUM Team

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