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Technical Analysis
USDCAD: Moving with Momentum
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[QUOTE="sharabela, post: 210533, member: 39507"] USDCAD gets caught within a horizontal range in the H4 chart. The pair looked good to go towards the North last week. However, the price did not make any bullish breakout but had a rejection at 1.30800. The level of 1.29350 has been working as a level of support, where the price had a bounce. This is not an ideal chart to look for trading opportunities. However, traders may keep their eyes on the chart for the next breakout. A bearish breakout at 1.29350 may drive the price towards the South. The price may find its next support around 1.28500. On the other hand, if the price makes a bullish breakout at 1.30800, the pair may continue its bullish move and find its next resistance around 1.32300. Considering these two charts, the bull has more space to travel towards the North. However, the resistance level looks very strong. Thus, the bear seems to have an upper hand here. Let us wait and watch what happens next.[ATTACH type="full"]22051[/ATTACH] [/QUOTE]
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