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USDCAD: Prices Drifting to Support Near Parity

USDCAD: Prices Drifting to Support Near Parity

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

USDCAD is drifting lower toward support in the 1.0051-1.0101 area. Current positioning doesn’t offer an actionable trade setup and we will stand aside for now. Near-term resistance lines up at 1.0265, the upper boundary of a falling channel set from the June 1 swing high.

USDCAD_Prices_Drifting_to_Support_Near_Parity_body_Picture_5.png, USDCAD: Prices Drifting to Support Near Parity

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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