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Currency Analyst since 2010

USD/CAD: watch the support

The USD/CAD is finding support at the 1.0821 level on the daily chart, because this pair has been in an extended bearish trend for several days already. If the pair manages to make a breakout at that level, the next target for the Loonie would be the support level of 1.0716 in the medium term. Recall that near the support level of 1.0821, the 200 SMA is located.

However, this pair could form a triple bottom pattern at that level, so that the USD/CAD may do a bullish rebound to go up to the resistance level of 1.0870. If the USD/CAD manages to make a breakout at that level, it would be expected to rise to the level of 1.0919. The CCI indicator is entering -100, which would increase the chances of a bullish rebound soon.

Trading recommendation: There is no clear patterns for do a good trading at the moment, because the USD/CAD could form a triple bottom pattern or perform a breakout at the support level of 1.0821 for more falls, so we recommend to wait for more clear patterns.

Chart. Daily USD/CAD

CAD
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