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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 95637, member: 33464"] [SIZE=6][B]USDCAD – US Dollar Trend Overwhelmingly Positive[/B][/SIZE] [B]Key Highlights [/B] [FONT=Symbol]·[FONT=Times New Roman] [/FONT][/FONT]US Dollar traded higher against the Canadian Dollar, and it looks like more gains are feasible. [FONT=Symbol]·[FONT=Times New Roman] [/FONT][/FONT]USDCAD pair is testing the previous swing high of 1.4600, which is acting as a resistance. [FONT=Symbol]·[FONT=Times New Roman] [/FONT][/FONT]There are a couple of bullish trend lines on the 4-hours chart, which is acting as a support area for the USDCAD pair. [FONT=Symbol]·[FONT=Times New Roman] [/FONT][/FONT]Today, the US Consumer Price Index will be released by the US Bureau of Labor Statistics, which is forecasted to register no change in the December 2015, compared with the preceding month. [B]USDCAD Technical Analysis[/B] The USDCAD pair enjoyed a nasty bullish run this week, as the pair traded as high as 1.4600 where it found sellers. There are a couple of bullish trend lines on the 4-hours chart, which are providing support to the pair, and can be seen as a buy area. [IMG]http://s29.postimg.org/4h52qp0av/USDCAD_01_20_2016.png[/IMG] On the upside, a close above the 1.4600 area may call for a move towards the 1.4640-50 levels. On the downside, the trend line support area may play a crucial role. The 4-hours RSI is above the 50 level, which is a sign that buyers are here to stay. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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