USDCAD dropping towards important support

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USDCAD is in a corrective mode right now and the move started after CAD overnight rate surprised the investors, remaining at 0.50 % vs 0.25 % which was expected. CAD inflation rate rose to 1.6 % vs 1.7 % expected and we can try to align the data with technical zones to predict future price movement. At the time of writing the price is around 1.4150 zone (see the chart below) and its exactly 61.8 of last swing L/H. Any double bottom here might spike the price up towards 1.4250. Another zone to

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