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USDCAD - We tried the top, now we try the bottom
It wasn’t so long ago that I was looking to short into the top of the June down trend but I sat back to see what the CPI data might bring. The strong CPI read knocked that plan into the bin and helped send USDCAD on this slippery slope lower. So, we’ve gone from a very good technical move at the top, to a potential test of the bottom of the downtrend. That comes in at around 1.2870 at today’s money. There’s a bit more support down there two by way of the 61.8 fib of the Apr 2018 swing up at 1.2845, and old S&R level at 1.2860/65, and we have the 200 DMA just under all that at 1.2844. Lot’s in the mix that ... (full story)