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    USD/CAD: in advance of the important Canadian news on 09.03.2016

    The indicators OsMA and Stochastic give mixed signals. On the 4-hour and weekly charts the indicators recommend to open short positions, while on the daily chart the indicators are reversing towards long positions.

    Since the beginning of the month the pair USD/CAD is traded between support level of 1.3300 (ЕМА200 on the daily chart) and resistance level of 1.3490 (ЕМА144). Volume of trades does not decrease.

    If oil prices continue to rise, Canadian statistics remains positive and interest rate in Canada will not be lowered from the current level of 0.5%, the pair can continue to go down to support level of 1.3180 (ЕМА50 on the weekly chart).

    However, be careful when opening short positions. The pair USD/CAD is oversold. From the current levels the price can go up. Consolidation of the price above the level of 1.3490 (ЕМА144) and 1.3595 (Fibonacci 23.6%) can trigger further rise in the pair.

    Support levels: 1.3300 and 1.3180.
    Resistance levels: 1.3490, 1.3595 and 1.3700.

    Trading tips

    Buy Stop: 1.3450. Stop-Loss: 1.3390. Take-Profit: 1.3500, 1.3600 and 1.3700.
    Sell Stop: 1.3370. Stop-Loss: 1.3410. Take-Profit: 1.3300 and 1.3200.

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