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Daily Market Analysis 10/12/2021: USDCAD

Instrument: USDCAD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades 1.27420 above with take profit at 1.27588.
Bearish Preference: 
Sell position is envisaged if price trades below 1.26854 with take profit at 1.26686.
Fundamentals:
2:30pm USD CPI m/m
USD Core CPI m/m

Comment: USD/CAD pares intraday losses amid a sluggish European morning on Friday. Alike other major currency pairs, the Loonie also awaits the key US inflation figures for near-term direction. Also challenging the pair traders are the mixed signals concerning the Bank of Canada (BOC) and the Fed.

Analysis: SCRUM Team

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