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USDCAD eases after aggressive rally to 1.3845
USDCAD rallied towards the 1.3845 high and completed the seventh consecutive green day on Thursday following the bounce off the 200-day simple moving average (SMA) near 1.3600. The pair climbed above the medium-term trading range, suggesting more gains may be on the cards. However, the technical oscillators indicate an overstretched market. In the overbought region, the stochastic posted a bearish crossover within its %K and %D lines, while the RSI is pointing downwards beneath the 70 level. A potential downside retracement could drive traders towards the immediate support of 1.3790, ahead of 1.3755. Below these ... (full story)