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Instrument: USDCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.20152 with take profit at 1.21177.
Bearish Preference:
Sell position is envisaged if price trades below 1.20712 with take profit at 1.20583.
Fundamentals:
1:30pm USD Core PCE Price Index m/m
2:45pm USD Chicago PMI
Comment: The buying opportunities in the US dollar pushed USD/CAD higher on Friday. The pair opened lower, albeit recovered swiftly to the session’s high at 1.2089 while comprising a 30-pip movement. Meanwhile, US President Joe Biden proposes a $6 trillion US budget for the 2022 fiscal year. However, US Treasury Secretary Jenet Yellen urged a more expansive fiscal policy and not to burden the next generation with taxes.
Analysis: SCRUM Team
