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USD/CAD Trading in a Bearish Correction Ahead of CAN Jobs Data
The pair traded lower today, breaking below the multi-month low of 1.0858. It is now trading towards a rising trendline from Sept. 2013, and the 200-day SMA. With the oscillators showing oversold condition in the daily chart, we should anticipate some intra-session support. However, once the oversold condition is resolved, look out for further downside risk toward S1: 1.08 S2: 1.0740 S3: 1.0650. Oversold, Rebound scenario: We see that the oscillators in the 4H chart are oversold as well. Perhaps the 1.08 handle will provide support while conditions are oversold in the daily and 4h chart. Then, if there is a rebound, ... (full story)
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