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USD/CAD Price Analysis: Defends five-month-old trend line break below 1.2500
USD/CAD stays sidelined around 1.2480, following its sustained break of a crucial resistance, during Thursday’s Asian session. In doing so, the Loonie pair struggles to find direction between the previous resistance line and an upward sloping trend line from May. Adding to the pair traders’ indecision are the RSI conditions suggesting a pullback move from the immediate hurdle, namely a two-month-old rising trend line near 1.2535. Even if the quote fails to step back from 1.2535, a convergence of 200-DMA and April’s top near 1.2650-55 will e a tough nut to crack for USD/CAD bulls. Meanwhile, profit booking moves ... (full story)