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Currency analyst

USD/CAD: the triangle pulls loonie in

On the daily USD/CAD chart the bulls managed to return the prices inside the the rising triangle. The pair formed a doji bar on August 31. If the pair renews high and attacks resistance at 1.32, this will increase the risks of advance towards 1.33 and 1.357.

On H1 USD/CAD reached 224% of AB=CD and 78.6% Fibonacci of the last descending wave. The inability of the bulls to overcome convergence area of 1.311-1.3125 will be a signal of their weakness and will lead to correction in case of successful test of support at 1.3080. On the other hand, a break of resistance at 1.315 will resume the uptrend.

 

CAD
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