forexwithfred
Long

USD/CAD: Technical Analysis

FX:USDCAD   U.S. Dollar / Canadian Dollar
Looking at this chart the USD/CAD is showing a possible short term uptrend after spending consecutive days on a downtrend from the 50% Fibonacci level. As of now it is finding support around the 78.6% level and is bound to bounce from this. This bounce of the support is confirmed from the two moving averages moving in a manner where they are going to intersect, once this intersection occurs it can validate a strong uptrend in the coming future.
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