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Forex technical analysis: USDCAD taking off after weaker data

Moves toward the key topside target

The USDCAD has been goosed higher on the back of weaker data.

The next targets come in at the high for the month/high since March at 1.3306. The 38.2% of the move down from the Jan high comes in at 1.33116. A topside trend line cuts across at 1.3333. Looking at the 4-hour chart, the 1.3361 (and rising) would be a target off of that chart. A break above that line and it is more open road ahead. The 50% comes in at 1.3574.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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