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USDCAD: Risks stay lower, despite bounce

Hi there traders this is Steve Miley for forextraders.com and here we’re looking at the US dollar versus Canadian dollar spot FX rate.

Well a plunge lower back on Friday after the Canadian employment report in here sending the US dollar plunging lower verses the Canadian dollar down through the supports in here at 1.3201 and 1.3200 and also to probe down below this up-trend line that comes from July.

All of that setting up a more negative tone, reinforcing the negative theme we’ve had whilst we’ve been capped below this 1.3382/83 level. We did get a slight rebound in here on Monday, but whilst capped below resistances in the 1.3248/50 area, we see downside pressures back towards 1.3166 and maybe below there going into today.

Only through 1.3248/50 on the upside will open risks back up towards this 1.3294 level.

This has been Steve Miley for forextraders.com.

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Have a great trading day.

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