EURCAD - BEARISH BIAS

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MARKET OUTLOOK
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EUR - BEARISH
1️⃣ The ECB agreed on Thursday to maintain an elevated pace of bond purchases while upwardly revised projections for the bloc's economic growth and inflation for 2021 and 2022.
2️⃣ ECB governing council member Gabriel Makhlouf said on Wednesday that it's too early to discuss the end of the European Central Bank's Pandemic Emergency Purchase Programme (PEPP).

CAD - BULLISH
1️⃣ Canada’s annual inflation rate quickened to 3.6% in May of 2021 from 3.4% in April and was above market expectations of a 3.5% rise. It was the highest jump in consumer prices since May of 2011.
2️⃣ The oil sector remains positive as demand for oil will increase in the summer.

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TECHNICAL
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- We're looking to short #EURCAD on SBR + pivot point level on H1 chart with stop loss above yesterday high.

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RISK TO THIS TRADE
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- This trade will hit stop loss if oil prices decline.