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USDCAD ranging near highs after breaking out 1.35

Thursday, June 8, 2017 5:03 AM GMT

USDCAD was moving near week’s low yesterday, but after USOIL plummeted almost -4%, Loonie exploded to upside. It is currently consolidating above 1.35 and it potentially creates a bullish flag. If the pattern is valid, then the pair may target the 1.355 area. However, if it continues the correction, then the pattern will be busted. We have noted a major support zone 1.345 – 1.347 (hourly timeframe) in which there is confluence with 200 SMA and the price structure on the left. This zone is important in order to maintain the bullish momentum. Today’s agenda is full with major events like UK Elections, ECB monetary policy, US Initial Jobless Claims, and Canadian New Housing Price Index. This means that traders have to be careful with their trading activity as the price action may be extremely volatile. 

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