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USD/CAD offers mixed outlook on bullish run

FXStreet (Barcelona) - USD/CAD is trading at 1.1235, up 0.05% on the day, having posted a daily high at 1.1244 and low at 1.1194.

USD/CAD is meeting supply here at 1.1240 but there is room to the topside at R1 at least with RSI still in very neutral grounds also. Moreover, analysts at TD Securities explained the broader consolidation on the 6-hour chart above remains a potential bull trigger via a developing wedge pattern. “This would signal scope for a 300 tick or so move higher on a break above 1.1250 now”. Support around 1.12 looks quite firm at this point but the analysts were concerned that mixed momentum signals across a range of timeframes suggests funds might struggle to break above 1.1250 today.

USD/CAD noteworthy levels

Current price is 1.1235, with resistance ahead at 1.1240 (Hourly 100 SMA), 1.1244 (Daily High), 1.1259 (Hourly 200 SMA), 1.1261 (Daily Classic R1) and 1.1265 (Yesterday's High). Next support to the downside can be found at 1.1234 (Daily Classic PP), 1.1231 (Daily Open), 1.1221 (Hourly 20 EMA), 1.1221 (Weekly Low) and 1.1206 (Yesterday's Low).

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