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Daily Market Analysis 14/07/2021: USDCAD

Instrument: USDCAD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.25254 with take profit at 1.25386.
Bearish Preference: 
Sell position is envisaged if price trades below 1.24796 with take profit at 1.24607.
Fundamentals:
1:30pm   USD    PPI m/m
               USD    Core PPI m/m
3:00pm  CAD BOC Monetary                             Policy Report
             CAD BOC Rate                            Statement
             CAD    Overnight Rate
3:30pm  USD Crude Oil                             Inventories
4:00pm  CAD    BOC Press                       Conference
5:00pm  USD    Fed Chair                         Powell Testifies

Comment: The dollar edged lower in early European trade Wednesday, handing back some of the previous session’s sharp gains after a jump in U.S. inflation raised expectations of an early move by the Federal Reserve to tighten monetary policy. U.S. consumer prices rose by 0.9% in June, the most in 13 years, with the year-on-year figure soaring 5.4% as the economic recovery gathered momentum.

Analysis: SCRUM Team

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