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USDCAD makes a break for it today ahead of BOC decision

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

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Bank of Canada decision tomorrow at 10 AM The USDCAD is making a break to the downside today - one day ahead of the BOC rate decision tomorrow. Looking at the daily chart, the pair has fallen below the low floor between the 1.2831-60 area (see chart above). That area was home to 2 swing lows and a swing high going back to March 2015. The March 2016 low stalled against the level and corrected higher (see chart above). The price momentum has increased on the break and the pair currently trades at new session lows. The pair is trading at the lowest level since July 15, 2015. There is not a whole lot of support on the daily chart until 1.2665 (see daily chart above)

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