USDCAD Price Action – Bullish, But Below Key Resistance | Mar 9
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USDCAD – Holding Near Resistance (4hr chart)
Instead of shying away from the key resistance and range highs near 1.2650 and 1.2695, the USDCAD has held up here with some solid intra-day buying. This may preclude an upside attack and break of the key resistance levels.
For now, we are still in a range structure-ish, so pullbacks to support are best IMO. That would mean 1.2410-30 is the range support for now. If we clear the key resistance levels above, then we only have 1.2775 left between that and 1.30. Only a daily close below the range would negate the MT bull trend.
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