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USD/CAD: Correction Into Year End?

Published 12/22/2014, 07:49 AM
Updated 07/09/2023, 06:31 AM

USDCAD Technicals

USDCAD must now hold above 1.1605/10 to stage a recovery this week and beat resistance at 1.1640/1.1645 to retest last week's high at 1.1672. However we may now be ready for a correction into year end and a good chance therefore that this level will hold a move higher this week. Try shorts with stops above 1.1700. We need at least break and A CLOSE ABOVE 1.1680 to continue the bull run higher and target 1.1759 today. Further gains this week target 1.1816/20.

Immediate support at 1.1565/60 is key to direction but a break lower is more likely today with potential for the outlook to turn more negative this week and targets 1.1535/30 then 1.1510. Below here look for a very good buying opportunity at 1.1500/1.1490. Try longs expecting a low for the day, with stops below 1.1470.

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