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USDCAD bearish below key $1.30 level

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USDCAD continues to fall in a descending channel. The outlook remains bearish especially after prices fell below a key level on Monday, breaking below 1.3000 and $1.2900 to reach $1.2884. A daily close below $1.2900 could see a continuation of the bearish trend that started from the multi-year peak of 1.4689 in January (the highest in more than 12 years). RSI is below 50 in bearish territory, supporting the downside momentum. The 50-day moving average is falling sharply and approaching the

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