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Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1.39259 with take profit at 1.38740
Alternative scenario:
Buy position is envisaged if price trades above 1.40092 with take profit at 1.40579.
Fundamentals:
1:30pm USD Advance GDP q/q
7:00pm USD FOMC Statement
Comment: The pair nears the two-week low flashed the previous day amid broad US dollar weakness and recovery moves of the oil prices. While the broad US dollar weakness keeps the Loonie sellers hopeful, the recent recovery in oil, Canada’s main export, exert additional downside pressure on the pair.
Analysis: SCRUM Team
