the pair has succeeded in breaking the level of 0.9600 , so that's mean the uptrend is still standing and the pair might continue it's up movements heading to 0.9650 and then 0.9680
the pair has succeeded in breaking the level of 0.9600 , so that's mean the uptrend is still standing and the pair might continue it's up movements heading to 0.9650 and then 0.9680
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we therefore see risks over the near term for a major reversal back in favor of the USD. From here, next key resistance comes in by 0.9780, while any intraday setbacks should be well supported ahead of 0.9500.
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The USD/CAD pair fell last week amid the USD weakness, where rising concerns in markets as to whether U.S. lawmakers will be able to reach an agreement to raise the debt ceiling and reduce the swelling deficit or not, where the uncertainty surrounding the debt ceiling saga has pushed the U.S. dollar lower against the Canadian dollar, and accordingly, the USD/CAD pair retreated.
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In view of the above analysis, we are looking to reinstate short on further corrective rise. Only a sustained breach above 0.9661 (50% Fibonacci retracement of 0.99414-0.9407)
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On the upside, however, break of 0.9912 will be a signal that 0.9406 is the medium term bottom already and should turn outlook bullish for a test on 1.0851 key resistance next.
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The pair is moved down to test the support on 0.9526
if this is breaked we can see the pair move down
if this support is not breaked we can see the pair move up to test the 1st resistance on 0.9587
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Canada’s dollar fluctuated along with crude oil prices and stocks pared gains as U.S. lawmakers began voting on raising the country’s debt limit.The currency rose against all except 10 of its 16 major peers
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this market looks to be quite stretched (on a longer-term basis) and we therefore see risks over the near term for a major reversal back in favor of the USD. Given where we are trading, looking for this trend reversal at current levels becomes all the more compelling
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Abubakar 148 (2020-08-06)
A break and close back above 0.9500 could once again suggest that a base is in place and put the pressure back on the upside. Cyclically, this market looks to be quite stretched (on a longer-term basis) and we therefore see risks over the near term for a major reversal back in favor of the USD. Given where we are trading, looking for this trend reversal at current levels becomes all the more compelling.
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The break to fresh yearly and multi-month lows below 0.9445 certainly compromises our constructive outlook and potentially exposes a retest of the historic lows from 2007 by 0.9060
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