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USD/CAD Support Is Looking Fragile

Published 05/12/2017, 11:33 am
Updated 06/07/2021, 05:05 pm

Originally published by AxiTrader

USD/CAD is looking increasingly bearish. While a daily close below the key support level at 1.2670 was avoided, a clear break seems only a matter of time. Support there looks fragile, and strong Canadian economic data as well as high oil prices are keeping the Canadian dollar supported.

Should 1.2670 support give in, a further correction towards 1.2450 is likely. In the very short-term, USD/CAD does look a tad oversold. Traders looking for sell opportunities could keep an eye on resistance at 1.2720/30, followed by 1.2780.

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