USDCAD: Prices Inch Toward Key April Low
Prices are testing support at 0.9854, the March 1 bottom, with a break below that exposing the April 27 close at 0.9801. Near-term resistance is at 0.9907, the October 27 2011 close. A break above this boundary exposes the underside of a falling channel set from early June, now at 0.9927. Current positioning doesn’t offer an actionable trade setup and we will remain on the sidelines for now.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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