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Instrument: USDCAD
Bullish Preference:
Buy position is envisaged if price trades above 1.37010 with take profit at 1.37148.
Bearish Preference:
Sell position is envisaged if price trades below 1.36786 with take profit at 1.36684.
Fundamentals:
USD
Prelim UoM Consumer Sentiment 3:00 PM
Prelim UoM Inflation Expectations 3:00 PM
Comment:
The Canadian Dollar (CAD) has tumbled against the US Dollar (USD) on Thursday following a bumper reading for the US Consumer Price Index (CPI) inflation, sending the USD/CAD pair into testing the 1.3700 handle as the DXY US Dollar Index soars in the US market session.
Economic data for Canada remains thin on the calendar, with nothing else in the pipe for the rest of the week.
Analysis: SCRUM Team
