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Forex: USD/CAD eyes on key level at 1.0200

The greenback is intensifying its rally against its fellow neighbour on Thursday, pushing USD/CAD to the boundaries of the key mark at 1.0200, as comm-bloc currencies continue to give ground.

According to the research team at TD Securities, the current USD rally is not showing any signs of weakness, while the analysts remain bullish on the cross. “Bullish momentum in this market is reflected in the alignment of the short, medium and longer-term trend (DMI) oscillators… We think the rally/consolidation (bull flag)/rally pattern of the past few months targets a move to 1.03”.

At the moment, the pair is gaining 0.20% at 1.0188 with the immediate hurdle at 1.0200 (psychological level) followed by 1.0232 (high Jul.25) and finally 1.0251 (high Jul.12).
On the downside, a dip beyond 1.0101 (high Jan.25) would expose 1.0078 (MA10d) and then 1.0055 (low Feb.18).

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