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Daily Market Analysis 21|05|2021: USDCAD

Instrument: USDCAD

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1.21009 with take profit at 1.21147.
Bearish Preference: 
Sell position is envisaged if price trades below 1.20709 with take profit at 1.20567.
Fundamentals:
1:30pm    CAD     Core Retail Sales m/m
                CAD     Retail Sales m/m
2:45pm    USD     Flash Manufacturing PMI

Comment: The dollar hovered around recent lows on Friday and was set to notch a modest weekly drop as traders’ concerns at taper talk in Federal Reserve minutes faded, though a pullback in commodity prices and nerves about virus outbreaks kept losses in check.

Analysis: SCRUM Team

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