USD/CAD
is developing in sloping upward channel, passing through last week’s low and
breaking the temporary resistance coinciding with the 100% Fibo at C$1.30831.
Focusing on the channel, the pair is nearing the resistance zone around
C$1.3130. This is quite an important area, where May’s and July’s highs are
trending. Breaking above this spot possibly could lead the pair towards April’s
high at C$1.3220.
Meanwhile
tomorrow’s macro agenda will bring the CPI release and we must take into
account the nearest support level located at C$1.30235. The flirting with the key resistance might
fade away and in this case bulls might be hypnotized and find a spellbound at
C$1.29 zone, where key support is located, together with the monthly open.
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