As stated by the deputy governor of the Bank of Canada T. Lane:
The pandemic has forced the Bank of Canada to speed up work on creating its own digital currency;
Such currency will be released only if and when the time is right;
One of the determining factors will be a sharp decline in the use of cash;
Similar private sector offerings in this segment have serious drawbacks;
Cryptocurrencies such as bitcoin have no good reason to claim they are the money of the future; Recent price hikes look more like speculative mania.
Our Analysis:
Provided that the currency pair is traded below 1.2715, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2698
- Take Profit 1: 1.2665
- Take Profit 2: 1.2650
Alternative scenario:
In case of breakout of the level 1.2715, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2715
- Take Profit 1: 1.2740
- Take Profit 2: 1.2765
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