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Forex technical analysis: USDCAD squeezed higher as oil retreats

Discussion in 'Technical Analysis' started by ForexLive, Oct 7, 2015.

  1. ForexLive

    ForexLive Forum Member

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    WTI Futures down but volatile The USDCAD has squeezed higher and in the process is now higher on the day (closed at 1.30325 yesterday). A close above that level will be the first higher close since Sept 29th (5 straight lower closes). The selling has taken the price from a high of 1.34559 to the low today of 1.2970 (586 pips). That represents the largest corrective move since the rally started on May 14. The low fell short of the next downside target on the daily chart at 1.2952 (low from August 12).

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