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USDCAD: Shorts Favored Below 1.3380
A few days ago on January 3rd, I wrote about a USDCAD short opportunity. At the time, the pair was trading at 1.3513. It was also hours away from closing back inside an ascending channel that began in early October. Although USDCAD didn’t retest the 1.3565 area as new resistance, it is down more than 200 pips since my last commentary. It also closed below another key area yesterday. The price action between November 20th and December 10th of last year indicates that 1.3315 is a price of some significance. Yesterday’s 1.3299 close means that 1.3315 should begin to serve as new resistance. The 1.3315 area isn’t ... (full story)