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Daily Market Analysis 28|05|2021: USDCAD

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

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