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Canadian Dollar Outlook: USD/CAD Poised for Further Losses After Support Breakout
At the start of the week, I argued that USD/CAD could head lower and breach confluence support near the 1.2600 area should risk sentiment remain positive. Over the past few days, the market mood has been more stable and less panicky, so the bearish thesis played out well as shown in the daily chart below. After the breakout, there was some brief congestion, but consolidation appears to be resolving to the downside, with the exchange rate drifting towards 1.2515 at the time of writing. Overall, the near-term outlook continues to tilt downward, and will remain so as long as the pair sustains the recent breakout and ... (full story)