USD/CAD back to touch highs as it underpins long-term support
The USD/CAD decreased for nine consecutive weeks as the pair hit fresh 2016 lows near 1.2857. This long-term support level provides signals of a reversal trend as the USD/CAD touched 1.2832 lows in October 2015. Thus, prices are expected to come back as the pair breaks 1.3075, reaching 1.3090 and 1.3125 respectively.
However, we could see a further downside direction awaiting crude oil movements and Canadian employment data. Cutting 1.3015 as a major support level will push the USD/CAD lower toward 1.2995, 1.2960 and 1.2940 as next support levels.
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