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USD/CAD short term risks are to the downside

FXStreet (Guatemala) - USD/CAD is trading at 1.0888, down -0.08% on the day, having posted a daily high at 1.0901 and low at 1.0872.

Analysts at TD Securities explained that on the charts, we still see last week’s price action as a temporary correction within the broader move up. “Short-term price signals suggest to us that an important low—right on the medium-term support zone defined by the 200-day MA (1.0868)—was reached Friday and that the market is trying to reverse higher again. There is not a lot of “buy in” evident to that theory at present and the lack of topside movement suggests some risk still of short-term weakness”.

USD/CAD hourly levels

With spot trading at 1.0889, we can see next resistance ahead at 1.0892 (Daily Classic PP), 1.0897 (Weekly Low), 1.0901 (Daily High), 1.0907 (Hourly 100 SMA) and 1.0912 (Weekly Classic PP). Support below can be found at 1.0888 (Hourly 20 EMA), 1.0887 (Daily Open), 1.0875 (Daily 20 SMA), 1.0872 (Daily Low) and 1.0868 (Daily 100 SMA).

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