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27 Mar 2015
USD/CAD: odds for further decline high – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team gives the technical outlook for USD/CAD, noting that the present price action suggests a lower move is likely for the pair.
Key Quotes
“The USDCAD has been immersed in a lateral channel for already two months and now the pair is close to the bottom side of this pattern.”
“Considering the USD has climbed around 20% in the last 10 months against the CAD, and the fact that the 1.2800 is a really strong Long-Term resistance, (it comes from the past), we believe the odds for further declines are higher than an eventual break of the 1.2800 level, identifying 1.2350 and 1.1900 as the closest supports to take into consideration.”
Key Quotes
“The USDCAD has been immersed in a lateral channel for already two months and now the pair is close to the bottom side of this pattern.”
“Considering the USD has climbed around 20% in the last 10 months against the CAD, and the fact that the 1.2800 is a really strong Long-Term resistance, (it comes from the past), we believe the odds for further declines are higher than an eventual break of the 1.2800 level, identifying 1.2350 and 1.1900 as the closest supports to take into consideration.”