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Short

Expect Volatility In USDCAD As Oil Is The Big Question

FX:USDCAD   U.S. Dollar/Canadian Dollar
Strong volatility.

USD/CAD             has been very volatile over the past
few days. A bearish bias is still favored. Current
price action is following old downtrend. Hourly
support is located at 1.36392 (04/02/2016 low) and
hourly resistance can be found at 1.3911
(16/02/2016 high). Expected to see further
rebound.

• In the longer term, the break of the key
resistance at 1.3065 (13/03/2009 high) has
indicated increasing buying pressures, which
favours further medium-term strengthening.
Strong resistance is given at 1.4948 (21/03/2003
high). Support can be found at 1.2832
(15/10/2015 low) then 1.1731 (06/01/2015 low).

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