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The USDCAD bullish trend has taken a pause and we’re now experiencing a deep correction. The previous week high established at 1.3661 is our new resistance level. A break above 1.3661 should be quickly faded away and the USDCAD should turn back on the downside. The most likely scenario is for the USD/CAD to find support at the 1.3390 level. The stochastic indicator is already showing extreme oversold readings that can suggest a reversal in price.
On the downside, the first level of interest is the support level 1.3257. The bearish momentum should only accelerate on the downside if we manage to get a daily break and close below the 1.3390. On the upside, the only major risk event scheduled on the Canadian economic calendar is the BOC interest rate decision. According to the market consensus the BOC is expected to keep interest rates unchanged at 1.75%.
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