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USD/CAD comes with an air of caution

FXStreet (Guatemala) - USD/CAD is trading at 1.1151, down -0.11% on the day, having posted a daily high at 1.1179 and low at 1.1070.

USD/CAD has been attempting to recover from the weak technical tone when the pair lost ground right down to 1.080/70 over the past 24 hrs. Analysts at TD Securities commented and explained that while the USD has bounced a little in our session so far, the extent of the sell-off yesterday overall is enough for them to retain a cautious view on the near-term USD/CAD outlook. “Yesterday’s bearish outside range on the 6-hour chart—which prompted our initial pessimism—was complemented by some negative developments on the daily chart, suggesting that a more important, short-term top may be developing in the low 1.12 area”.

USD/CAD hourly levels

Spot is presently trading at 1.1151, and next resistance can be seen at 1.1159, 1.1163 (Hourly 100 SMA), 1.1163, 1.1179 and 1.1182 (Daily Classic PP). Support below can be found at 1.1140 (Hourly 20 EMA) and 1.1115 (Hourly 200 SMA).

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