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USD/CAD technical writing is on the wall

FXStreet (Guatemala) - USD/CAD is trading at 1.0855, down -0.09% on the day, having posted a daily high at 1.0871 and low at 1.0834.

USD/CAD has been consolidating the move lower here and analysts at TD Securities explained that the USD/CAD has lost support defined by the 200-day MA and while the 40-day MA has helped underpin the USD over the past two days. “ The technical writing is on the wall—weak price signals are evident on the short-term (above) and daily charts; weekly patterns will turn bearish through the close of the week, barring a miraculous recovery in funds through Friday. We do not think the move down in funds will extend significantly but weak price action does make the technical risk of 2-4 weeks of USD softness from here a little more significant”.

USD/CAD hourly levels

With spot trading at 1.0855, we can see next resistance ahead at 1.0860 (Hourly 20 EMA), 1.0864 (Daily 100 SMA) and 1.0871 (Daily High). Support below can be found at 1.0834 (Daily Low), 1.0826 (Yesterday's Low), 1.0819 (Weekly Classic S2), 1.0808 (Daily Classic S1) and 1.0799 (Monthly Low).

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