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USD/CAD has rebounded in the short term and now is pressuring the major downtrend line, the repeated breakout attempts signal that the dynamic resistance may eventually give way. Though, we need strong confirmation before going long as the pair is susceptible to a drop anytime again if the Dollar Index will lose altitude.
Today's Canadian and US data will bring high volatility on USD/CAD, some good Canadian figures and poor US numbers will send the pair towards fresh new lows, while better than expected US data could boost the pair.
USD/CAD is pressuring the downtrend line and also the 1.3356 static resistance, but I believe that only a valid breakout above the Pivot Point (1.3460) level will really validate a large leg higher.
Another false breakout above the downtrend line could lead to another downside movement. The failure to stabilize below the S1 (1.3276) level has signaled a potential come back to the PP (1.3460) level.
Sell a lower low, a drop below the 1.3233 level, the next downside targets are seen at the S2 (1.3144) and at the S3 (1.2959) levels.
Buy a valid breakout above the PP (1.3460), another higher high, the first upside target is seen at the median line (ML) of the ascending pitchfork, around the R1 (1.3590) level.
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