USDCAD put in a Hammer candle above support at 0.9814, the 50% Fibonacci expansion level, hinting a bounce is ahead. The setup is not sufficiently conclusive to trigger a position however and we will stand side until something more concrete emerges. Initial resistance lines up at 0.9870, the 38.2% Fib.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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