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USDCAD has been in a dilemma after the break below the channel support. The price has retested the channel support as resistance various times, but still there had been no push from either side of the market. Today, on the USD side, FOMC Member Evans will speak about the economic condition and where the USD seemed to lose some grounds as of some information communicating about Trump to make a bigger decision soon. Today, there was no events on the CAD side, but tomorrow BOC Governor Poloz will speak about the short-term interest rate decisions. In this event period, a good amount of volatility is expected to hit the USDCAD pair. Overall, still there is no clue of where the price might head in this pair though it is expected to be in bearish bias.
Now let us look at the technical view. Today, the price has been seen rejecting from the channel resistance again and as of speeches of some important personnel of both - the US and Canada - by next 24 hours, it is expected that a good amount of volatility is going to hit the market. We are quite biased towards the bearish side as of the channel resistance were not broken with a daily close above it. As long as the price remains below the channel resistance, we will be expecting the price to move lower towards the 1.3220 support level.
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