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USD/CAD could still push beyond 1.1277

FXStreet (Guatemala) - USD/CAD is trading at 1.1172, down -0.22% on the day, having posted a daily high at 1.1225 and low at 1.1162.

USD/CAD lost territory on the poor US data releases in a continuation from the toppy heights around the 1.1200 handle on a bull run from last week that commencing from 1.1055. However, FX analysts at TD Securities suggest that, overall, the broader bull trend in USD/CAD remains deeply entrenched across a range of timeframes. “We do not think a sustained or significant reversal in funds is likely at this point”. The analysts explained that ,minor corrections are still worth approaching as a buying opportunity. “Trend momentum signals are bullishly aligned across a range of longer-term timeframes which typically means shallow and short-lived counter-trend corrections as the rule. Technically, there is no obvious impediment to USDCAD pushing on to retest the March high at 1.1277—and beyond in the longer run”.

USD/CAD noteworthy levels

Current price is 1.1173, with resistance ahead at 1.1184 (Daily Classic PP) and 1.1195 (Hourly 20 EMA). Next support to the downside can be found at 1.1162, 1.1156 (Hourly 100 SMA), 1.1146 (Daily Classic S1), 1.1132 and 1.1095 (Daily Classic S2).

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