Week: 19-23.04.2021
Key event: CAD. Interest Rate
Interest rate at which major financial institutions borrow and lend overnight funds between themselves;
We expect a similar reading than the previous month.
Until release day, we expect a continuation of the actual trend. A negative surprising data value could reverse actual trend direction.
Key Levels:
-
Resistance 1.2630, 1.2750, 1.2900
-
Support 1.2400, 1.2255
Trend USD/CAD
Bearish
Price has been respecting a down channel, reacting to horizontal and diagonal resistance. This scenario may change with fundamental announcements.
Call to Action/Trade Idea
We will look for buying opportunities near support. A breakout of the bearish channel will provide us opportunities to buy on retracements.
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