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USDCAD Healthy retracement is needed for fresh shorts

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Today’s market attention is focused on Canada’s and USA’s trade balance amid slow market and general low ATR numbers. The data will be released at 12:30 GMT. USDCAD is in need of healthy retracement as we could see it on the charts. MACD is well above 0 line but it is showing a possible hook up so it will signify that retracement in downtrend has started. POC comes in 1.3230-55 zone. We can spot a confluence of WPP, H3, 50.0, and X cross so the zone could be very good for shorting

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