Morning Insights 1st July

Simon Alagbe

Analyst

Instrument: USDCAD

The pair closed as a doji yesterday signalling indecision. The release of better than expected GDP data from Canada favours the Loonie but it surrendered the gains to the strength of the Greenback against major currencies. 


Technicals: 

The presence of a hammer resting on the 21 EMA on the hourly timeframe favours the bulls on the pair (provided the current candle closes higher) with a target at 1.24359 and stop-loss at 1.23815. 


Fundamentals 

Unemployment Claims (USD)  1:30 PM

ISM Manufacturing PMI (USD) 3:00 PM

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