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USDCAD picks up momentum as July’s trading kicks off
USDCAD started July’s trading on a positive note on Friday after halting its latest bearish correction around June’s support zone of 1.2863, and marginally above its 20- and 50-day simple moving averages (SMAs). The RSI has avoided a drop below its 50 neutral mark and is currently looking for a rebound, while the Stochastics have also shifted northwards, both endorsing the bullish action in the price. On the other hand, the MACD is still slightly below its red signal line, preserving some caution, and that seems reasonable as the price is quickly approaching a short-term tentative resistance trendline (more ... (full story)