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USD/CAD 1.08 acts as land mark for bears

FXStreet (Guatemala) - USD/CAD is trading at 1.0965, up 0.29% on the day, having posted a daily high at 1.0982 and low at 1.0886.

USD/CAD has come back to challenge the bears intentions for lower grounds and meanwhile, analysts at TD Securities explained that they do not think there is that much holding the USD up in terms of technical support right now; “The 200-day MA holds less sway over the market, with spot having chopped around this point for the past month without much directional intent”. They added that short-term trend support at 1.0880 does not appear especially strong. “We rather think the key downside point on the daily chart is 1.0805/15 where May/June and August lows converge with retracement support. The daily chart suggests the downside is fairly open until the low 1.08 area”.

USD/CAD short term levels

With spot trading at 1.0966, we can see next resistance ahead at 1.0982, 1.0991 (Hourly 100 SMA), 1.0998 (Daily Classic R1), 1.1004 (Hourly 200 SMA) and 1.1024 (Weekly Classic PP). Support below can be found at 1.0962 (Daily Classic PP), 1.0955 (Daily 20 SMA), 1.0952 (Hourly 20 EMA), 1.0948 (Weekly Classic S1) and
1.0935.

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