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Breaking news

ECB leaves monetary policy unchanged

Real Time News
  • - Governing Council did not discuss any phasing out of PEPP - Premature to discuss tapering - Any determination of PEPP purchases is data dependent
  • - Ambitious and coordinated fiscal stance remains crucial - National fiscal policies should address vulnerabilities effectively and be temporary and targeted - Next Gen EU plan must be made operational without delay
  • - Risks to medium-term outlook are more balanced - Recovery to be driven by both domestic and global demand - Headline inflation likely to increase in coming months based on temporary factors - Temporary factors should fade out of inflation readouts by early 2022
  • - Euro-area economy may have contracted again in Q1 2021 - Data points to a resumption of growth in Q2 - Progress on vaccines should pave the way for a firm rebound in activity in 2021
  • - ECB is monitoring developments in FX rate on inflation outlook - Standing ready to adjust all instruments as appropriate to support inflation goals
  • - Financing conditions have been broadly stable recently - Risks to wider financing conditions remain despite stabilization of market rates - Will continue with PEPP purchases until at least the end of March 2022
  • - Expect a firm rebound in activity later in year - Underlying price pressures remain subdued - Preserving favorable financing conditions is essential
  • ECB's Lagarde: - Near term outlook is clouded - Persistently high rates of Covid and associated containment measures continue to constrain activity in the near term #ECB $EUR
  • 🇨🇦 New Housing Price Index YoY (MAR) Actual: 7.9% Previous: 7% https://www.dailyfx.com/economic-calendar#2021-04-22
  • another nice round of US economic data...claims & Chicago Fed
USD/CAD Pending Daily Breakout

USD/CAD Pending Daily Breakout

Walker England, Forex Trading Instructor

Market Condition: USD/CAD Pending Breakout

Target 1:Bullish 1.3193 Bearish 1.2992

Target 2:Bullish 1.3260 Bearish 1.2925

USD/CAD, Daily Chart & Inside Bar

USD/CAD Pending Daily Breakout

(Created Using IG Charts)

The USD/CAD is set to conclude today’s session with the creation of an inside bar. Traders may elect to use last Friday’s high and low as a reference, and plan for a breakout later in the week. Bullish breakouts may be identified over Friday’s high of 1.3156. Alternatively, bearish breakouts may be identified under the low at 1.3059. The identified range measures 67 pips, and this value can be used to measure preliminary pricing targets. Half the value of the range may then be used to manage risk and create a 1:2 risk reward ratio.

In the event of a false breakout traders may elect to wait for further price action confirmation prior to reentering any positions. Alternatively, if the USD/CAD fails to breakout, traders may opt to trade further USD/CAD consolidation.

--- Written by Walker, Analyst for DailyFX.com

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