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Instrument: USDCAD
Bullish Preference:
Buy position is envisaged if price trades above 1.37482 with take profit at 1.37770
Bearish Preference:
Sell position is envisaged if price trades below 1.35997 with Take profit at 1.35677
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
3:00pm USD ISM Services PMI
Comment:
The USD/CAD pair trades back and forth near the round-level resistance of 1.3700 in the European session. The Loonie asset struggles for a decisive move as investors await the United States Employment Change data for September, which will be published at 12:15 GMT.
As per the estimates, the US laborforce recorded fresh additions of 156K private payrolls, lower than 177K in August. The US Dollar Index (DXY) slips sharply after facing stiff barricades near a fresh 11-month high around 107.20.
Analysis: SCRUM Team
