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USDCAD looks for more upside; 1.2875 in focus
USDCAD has been confined within the 1.2859 – 1.2875 zone over the past three days, but its short-term outlook continues to look bright. Particularly, the MACD remains positively charged above its signal and zero lines, while the rising RSI has yet to reach its 70 overbought mark, both suggesting that last week’s impressive rally off 1.2516 could gain more legs. On the other hand, the Stochastics have pivoted southwards, though the indicators remain above their 80 overbought level for now, keeping the bias on the bullish side for now. If the 1.2875 nearby resistance gives way, the 1.3026 number, which overlaps the ... (full story)