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Canadian Dollar Price Forecast: USD/CAD Reverses - Did Loonie Bottom?
It’s been a feast or famine week so far for USD/CAD bulls, as the pair started out with a big breakout beyond a key zone of resistance, only for sellers to jump in and re-take control of the matter. I had last looked into the pair ahead of the monthly open, and at the time USD/CAD had just put in a support test at another key area on the chart. Resistance was looming overhead, spanning from the 1.2500 psychological level up to the 1.2622 Fibonacci level and hadn’t yet come back into play, as buyers had shied away from a 1.2500 re-test ahead of the July open. I looked at the pair again around last week’s open, ... (full story)