Recent price actions have been very interesting and we now think that a major reversal structure is in place on the USD/CAD.
The break above 0,9920 has validated a double bottom formation which now opens the door to further gains well above parity. A possible target is given by the 38% retracement of the long term decline at 1,08 which coincides with the monthly bollinger band.
The parity has been tested overnight and we have been seeing some bearish reaction on this key level. A break above this resistance will accelerate.
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