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  • Heads Up:🇧🇷 Interest Rate Decision due at 22:00 GMT (15min) Actual: 6.25% Expected: 6.25% Previous: 5.25% https://www.dailyfx.com/economic-calendar#2021-09-22
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  • Central Bank of Brazil sees an additional 100 bps rate hike in October - BBG
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  • Speaking of monetary policy changes, the Brazilian central bank is due to announce its updated policies and the economist consensus is for a 100bp hike to 6.25%. Keep an eye on $USDBRL. Scenario with the most market-moving potential in my book would be a hold and USDBRL rally
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  • The corrective pullback still seems to be in play but the drop below 109.00 has been in the works for too long now, which is a sign of concern for bears. Get your $USDJPY market update from @HathornSabin here:https://t.co/ISlf6DwISE https://t.co/mSqszlVolI
FOREX Technical Analysis: USD/CAD Unchanged Following Outside Day

FOREX Technical Analysis: USD/CAD Unchanged Following Outside Day

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDCAD_Unchanged_Following_Outside_Day_body_usdcad.png, FOREX Technical Analysis: USD/CAD Unchanged Following Outside Day

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The 5 wave rally from 9632 does suggest that the trend is higher from that point. The goal now is to identify the secondary low (wave 2 or B).” Weakness from here would shift focus to 9794 (Fibonacci level) and the 100% extension of the decline from the November at 9740. Watch channel support as well (if reached).

FOREXTrading Strategy: Look lower as long as price is below 9884 towards 9740.

LEVELS: 9740 9764 9815 9865 9884 9923

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