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USD/CAD failing the bulls at 1.1200

FXStreet (Barcelona) - USD/CAD is trading at 1.1166, up 0.30% on the day, having posted a daily high at 1.1198 and low at 1.1127.

While fundamentally, we await the FOMC minutes to give us a true direction at the start of Q4, USD/CAD has clawed back some ground but the overall picture for the sort term at least sees USD/CAD giving off a bearish picture. Analysts at TD Securities explained that they are not expecting too much more from this rebound. “Gains look corrective in nature (potential bear flag on the hourly chart, above) and we look for short-term gains to run out of momentum—and turn lower—from the 1.1200/20 area intraday (note a small gap at 1.1195/00 may be the “ideal” short-term resistance point). Short-term patterns suggests renewed weakness below 1.1143 currently towards 1.1040/50”.

USD/CAD noteworthy levels

Spot is presently trading at 1.1166, and next resistance can be seen at 1.1170 (Daily Classic PP), 1.1172 (Hourly 20 EMA), 1.1177 (Hourly 100 SMA), 1.1195 (Weekly Classic PP) and 1.1198 (Daily High). Support below can be found at 1.1163 (Hourly 200 SMA), 1.1133 (Weekly Low), 1.1133 (Daily Open), 1.1127 (Daily Low) and 1.1119 (Weekly Classic S1).

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