Bullish Preference: Buy position is envisaged if price trades above 1.20909 with take profit at 1.21009.
Bearish Preference: Sell position is envisaged if price trades below 1.20748 with take profit at 1.20643.
No major fundamental.
Comment: USD/CAD is a touch lower as the North American session moves along trading at 1.2063 trading within a range of 1.2106 and 1.2057. Treasury Secretary Janet Yellen said President Joe Biden should push forward with his $4 trillion spending plans even if they trigger inflation that persists into next year and higher interest rates. There are mixed takes on implications of both the jobs data and Yellen comments.
Bullish Preference: Buy position is envisaged if price trades above 71.21 with take profit at 71.47.
Bearish Preference: Sell position is envisaged if price trades below 70.59 with take profit at 70.36.
No major fundamental
Comment: Investors were preoccupied with trade data from China, the world’s top oil importer, released on Monday as Imports grew 51.1% year-on-year in May, below the 51.5% forecasts but higher than April’s 43.1% growth. "Chinese oil imports at a five-month low would confirm weakness in the Asia market,". Investors also await the outcome of talks between Iran and world powers to revive a 2015 nuclear deal and potentially re-add Iranian crude to the global supply.
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