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USD/CAD: in mini-up-trend higher

   
The pair has broken down from a head and shoulders pattern which formed at the start of the year, and fallen to its target. It since bounced strongly higher again, from lows in May. This bounce has established a mini-up-trend higher, which will probably extend.

The chart below shows that on the 4-hr chart the pair has just pulled back in an a-b-c move within this new mini up-trend, and has fallen down to the monthly pivot at 1.2300. It is now starting to recover and move higher again. It will probably succeed and a move above the 1.2381 highs would provide confirmation for a continuation higher to an initial target at 1.2436.
USDCAD24

   
The pair has broken down from a head and shoulders pattern which formed at the start of the year, and fallen to its target. It since bounced strongly higher again, from lows in May. This bounce has established a mini-up-trend higher, which will probably extend.

The chart below shows that on the 4-hr chart the pair has just pulled back in an a-b-c move within this new mini up-trend, and has fallen down to the monthly pivot at 1.2300. It is now starting to recover and move higher again. It will probably succeed and a move above the 1.2381 highs would provide confirmation for a continuation higher to an initial target at 1.2436.
USDCAD24



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