USDCAD: Bulls Struggle to Gain Traction
USDCAD pushed sharply higher this week but the advance once again lost traction ahead of resistance marked by the top of a rising channel set from early December, pulling back support-turned-resistance at a minor falling trend line established from the 12/20 wick high. On balance, positioning appears inconclusive, with a break back below the aforementioned trend line rekindling selling pressure in earnest, while a reversal higher above the channel top exposes 1.0020. We will remain on the sidelines for now until an actionable setup presents itself.
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