Participant

The rate is trading into an extended sideways movement, we’ll have to wait for a clear direction on this pair. The support of this range is somewhere at 1.2350 and the resistance at 1,2834. We have a major resistance area on Monthly chart between 1,2762 and 1,3061. The US dollar remain very strong, so, the outlook is bullish on USD/CAD. If the price will fail to break the sideways movement resistance, we can have a corrective movement on this pair, the price will decline to reach and test the weekly uptrend line.

cad

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