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Long

USD/CAD: 161.8% extension and RSI divergence

FX:USDCAD   U.S. Dollar/Canadian Dollar
195 0 7
Major support -1.2760 (161.8% retracement of 1.29107 and 1.3140)

USD/CAD             has broken major psychological support 1. 2800             and declined from that level. It is currently trading at 1.27738.

Short term trend is slightly bullish as long as support 1.2678 (90 W EMA ) holds.

On the lower side any break below 1.2760 will drag the pair down till 1.2720/1.2678 in the short term.

Loonie minor resistance is around 1. 2800             and break above will take the pair till 1.2840/1.2880/1.2956.

Overall bearish invalidation only above 1.3200 level.

RSI- Bullish Divergence

It is good to buy at dips around 1.2760 with SL around 1.2678 for the TP of 1.2850/1.2880
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