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1/20/2016 3:18:06 AM

USD/CAD soars - Technical Analysis - 20-01-2016



USD/CAD jumped in the intraday levels trading, stretching further a rising streak and breaking through all impeding resistances, last of which was the one of 1.4580, which it needed some positive momentum to breach, by going into a correctional decline touching within it a low at 1.4431, but then rising as strong as ever, confirming the upward trend in the medium and short terms, while moving along its line as shown in the attached chart, with positive pressure from the SMA50.

Therefore we expect more gains to come for the pair, targeting the resistance of 1.4709 as a first line to attack.


Target
Risk


Support
Resistance


Trend Bullish

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