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USD/CAD Forecast May 12, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Thursday, 12 May 2016 08:39 UTC
The USD/CAD currency pair fell during the course of the session on Wednesday, as the 50 day exponential moving average sits just above. The 1.30 level above has been resistive, and it now looks as if we are going to trying to grind down to the 1.25 handle. With this, I don’t necessarily think that this market going to fall apart, but it should more than likely be a market that grinds lower, meaning that you will more than likely see selling every time there’s a short-term rally. Ultimately, I have no interest in buying this pair until we break back above the 1.30 level.

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