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USDCAD could gear up above 20-day SMA
video USDCAD flew straight to the 1.3600 territory and back above the 200-day simple moving average (SMA) on Thursday after stubbornly refusing to close below the 1.3400 level during the past few days. The strong rebound in the RSI, which jumped above its 30 oversold mark, and the improving MACD, provide encouragement that the pair could keep recouping losses in the short-term. Still, the battle with the 23.6% Fibonacci extension of latest downfall at 1.3633 and the 20-day SMA at 1.3680, which capped upside corrections in late May, may prove a struggle and the bulls may need to push harder to stretch the recovery ... (full story)