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USDCAD bears show up near key resistance
USDCAD could not climb into the 1.3400 zone despite the slight positive surprise in the US CPI inflation numbers on Thursday, staying below the ascending trendline drawn from November 22. The pair also seems to be trapped between the upper 2021 ascending trendline around 1.3440 and the constraining line from November 2022 near 1.3345. Encouragingly, the price has built a floor around the 23.6% Fibonacci mark of the November-December downtrend to close above the 20-day simple moving average (SMA) after two months. Despite that, the RSI has yet to enter the bullish territory above 50, while the stochastic oscillator ... (full story)