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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 211034, member: 80239"] [HEADING=1][JUSTIFY]USDCAD - The pair is down 2.3% from July highs[/JUSTIFY][/HEADING] [JUSTIFY]On July 13, the regulator raised the interest rate by 100 basis points to 2.5%. However, the markets expected conflicting inflation figures. According to macroeconomic statistics, CPI was recorded at 6.2% YoY, higher than the analysts' forecast of 5.9% and the previous value of 6.1%, but standard inflation slowed down in June. The indicator was lower than the forecast of 0.9% MoM and the May value of 1.4%, probably due to the seasonal factor and the adaptation of enterprises to the new conditions of monetary policy. [img]https://i.ibb.co/XLd1wvv/usdcad-1.png[/img] The long-term trend in the USDCAD pair remains upward. The key support for the trend is at 1.2835, and market participants tested it last Friday, which resulted in quotes rising to the 1.2938 area. Accordingly, for the upward dynamics to continue, buyers need to break through it. Otherwise, the USDCAD pair is expected to decline and renew the July low of 1.2835. [img]https://i.ibb.co/nn8vmLK/usdcad-2.png[/img] The mid-term trend changed to a downtrend last week. Traders broke through the key trend support 1.2996–1.2974. The sell target zone is 1.2777–1.2756. The key trend resistance is shifting to 1.3064–1.3042. If the participants overcome it within the correction, it will be possible to consider short positions with the first target at the last week's low. [B]Resistance levels[/B]: 1.2938, 1.3065, 1.3157 | [B]Support levels[/B]: 1.2835, 1.2525[/JUSTIFY] [/QUOTE]
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