USDCAD: Deeper Losses Seen Before Bounce
Strategy: Pending Long
USDCAD broke through support of a symmetrical Triangle chart pattern – negating the setup’s bullish continuation implications – and closed below the 38.2% Fibonacci retracement support at 0.9778. The next layer of support stands at 0.9707, the 50% Fib level. We remain broadly bullish over the long term and will look for a deeper pullback to yield a long entry opportunity in the days ahead.
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