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USD/CAD Is Likely To Extend Slides Toward 1.2960
The US Dollar faced a tough resistance near the 1.3170-1.3180 area against the Canadian Dollar. The USD/CAD pair made a few attempts to surpass 1.3170-80, but it failed and declined sharply. Looking at the 4-hours chart, the pair dropped below the 1.3100 support area and the 200 simple moving average (green, 4-hours). More importantly, there was a break below the 50% Fib retracement level of the last wave from the 1.2962 low to 1.3174 high. There was also a break below a key bullish trend line with support at 1.3090 on the same chart. The pair settled below the 1.3060 level and the 100 simple moving average (red, ... (full story)