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USD/CAD Daily Technical Analysis | 6 February 2018

2018-02-06 07:48 am | Resource: Technical Analysis Section | No Views : 349

USD/CAD rebounded during the European session this morning from the 1.2389 area on the hourly interval and then the pair started to break through the 1.2467 area and is currently trying to breach the 1.2539 area.

USD/CAD Daily Technical Analysis | 6 February 2018

The pair is trading in a minor upside direction while it is still trading in a major bearish direction and the SMA 20 is pointing upwards.
The RSI 14 so far is trading in a major bullish trend and is currently trying to break the ascending trend line which is forming our short term neutral view of the pair.
It is expected that if the pair breached the Canadian currency at the level of 1.2564, the pair may target 1.2628, on the other hand, if breaking the 1.2528 level might target the 420 level.
Resistance: 1.2539 - 1.2659 - 1.2788
Support: 1.2467 - 1.2398 1.2236
Trend: Up

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