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USD/CAD: No two ways about it

FXStreet (Barcelona) - USD/CAD is trading at 1.1184, down -0.53% on the day, having posted a daily high at 1.1266 and low at 1.1171.

USD/CAD is pressing on lower again after a ‘slight’ attempt to fend off pressure up into the 1.1190’s to no avail. Analysts at TD Securities explained that there are no two-ways about it. “At this (admittedly early) stage of the day, USD/CAD is trading quite negatively from a technical perspective. Intraday trends look soft, though somewhat extended now as the market tests support towards 1.1175/80, and the potential for a negative close on the day is clear (a close at or below current levels will put a bearish “dark cloud cover” signal on the daily candle chart). That might mean a little more corrective pressure to the low 1.11s ahead”.

USD/CAD noteworthy levels

Spot is presently trading at 1.1184, and next resistance can be seen at 1.1195 (Weekly Classic PP), 1.1223 (Daily Classic PP) and 1.1244 (Monthly High). Next support to the downside can be found at 1.1174 (Daily Classic S1), 1.1157 (Weekly Low) and next to 1.1153 (Hourly 200 SMA) ahead pf low 1.11’s.

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