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    Technical Analysis – USDCAD hits new 6-year high, upside bias remains

    USDCAD rose to a new 6-year high on Monday to hit 1.3023. The bias remains to the upside with a target of 1.3063, the high that was hit back in March 2009. The bullish crossover of the tenkan-sen with the kijun-sen line at the beginning of July and the break above the Ichimoku cloud supports the upside momentum. The market is above the 200-day moving average so this is bullish as well.

    In the near-term there could be some consolidation since the RSI has reached overbought levels above 70 and we can see the tenkan-sen line is starting to flatten out. The bias could turn neutral with prices capped below 1.3023 and with support at 1.2904. But only a break below 1.1919 would shift the current upside bias back to the downside.

    Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.


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