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USDCAD: Loses Upside Momentum, Risk Highlights 0.9442 Level
USDCAD: Although the pair is struggling to start a corrective recovery, risk of a return to the 0.9442 level remains on the cards having weakened sharply the past week. This development has left USDCAD bearish into the new week with the possibility of returning to its May 01’2011 low (0.9442) seen. A break below this level will resume its long term downtrend and open the door for a move further lower towards the 0.9400 and the 0.9300 levels, all representing its psycho levels. Its weekly RSI is bearish and pointing lower suggesting further losses. Alternatively, for the pair to annul its present weakness, it will ... (full story)
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- rigpa
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