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USD/CAD with Double Top and Negative Reversal Signals; Targets 0.9315
0.9520 Resistance: - After being punished by flatter than expected inflation data, the loonie, or Canadian Dollar is resuming its bullish stance against the USD. - The market respected a previous pivot at 0.9520 despite a briefly and insignificantly breaking it. Double Top and Negative Reversal: - From this resistance at 0.9520, we have a double top seen in the 4H chart. - The RSI reading in the 4H chart is held below 60, and a break back below 40 is a good sign that the bearish momentum is intact, and if the reading falls below 30, we have momentum confirmation for the bearish continuation scenario. - Price action ... (full story)
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