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Instrument: USDCAD
Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1.32983 with take profit at key level 1.32505.
Alternative scenario:
Buy if price trades above 1.33249 with take profit at 1.33476.
Fundamentals:
No Fundamentals.
Comment: The loonie has been growing in strength against it counter part the dollar, we could attribute the dollar weakness to the uncertainty coming out of the congress to renew the COVID stimulus package for the middle class. There has been philosophical fights between the democrats and the republicans on why the middle class stimulus check should be be renewed. The squabbling has made investors move to less riskier investments like the loonie, gold e.t.c.
Analysis: SCRUM Team
