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USDCAD Technical Outlook

Tuesday, March 21, 2017 5:22 AM GMT

Technical Outlook

Loonie is trying to create a base after the big downfall on Wednesday. However, it has only recovered 30%, currently, it is under pressure again.  On the daily timeframe, price is rejecting from below 5 and 21 EMA, which seems to be bearish behavior. If the candle closes below yesterday’s close, then the bears will be in full control. The next important support is possibly around 1.324. Bulls need to reclaim 21 EMA in order to change the above scenario.



Heading on hourly timeframe, then we will see a sideways rising channel while price is testing the lower side. In the event of bearish breakout, it may activate a bearish flag. This gives a target of 180pips (around) to the downside. Bulls have to push prices above 1.337 to avoid the above scenario.


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