The bears are actively seeking to surpass the important support level in the USDCAD currency pair at a price of 1.32322.

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The bears are actively seeking to surpass the important support level in the USDCAD currency pair at a price of 1.32322.

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  • USD/CAD bears are looking for a break of key support.
  • Bulls eye a move through resistance and a 50% mean reversion resistance area.
  • USD/CAD fell to a one week low on Tuesday, while oil prices climbed and investors looked forward to a likely interest rate hike by the Bank of Canada. At the time of writing, USD/CAD is at 1.3220 and is meeting resistance as the follownmg will illustrate:

    The weekly chart is on the back side of the bullish long term trend. The price has rallied into old support that is now expected to act as resistance.

    A break of the daily support trend will open risk to he key objectve for a test below 1.3000.

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