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Alert - 15:20 (CET) - UsdCad
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The UsdCad is trading at 1.1878, ranging between 1.1754 and 1.1932. On the other hand, the price is over yesterday's close at 1.1783. Checking the hourly graphics, we see that the 20- and 50-day EMA are over the 200-day EMA.
As the resistance at 1.1861 (2007 high) was broken, the traders are contemplating the next levels at 1.2121 (October 10th high) and 1.2734 (2005 high). The supports are watched, just in case, at 1.1306 (this week's low), 1.0952 (October 7th low) and 1.0727 (October 3rd low).
This session, the Dollar is rebounding against the loonie. The fact that the crude barrel is at August 2007 lows, is not allowing the Canadian Dollar to consolidate its intrahour rebound. Remember that Canada exports crude, with the commodity having a big influence in its currency.
Meanwhile, the 60-minute RSI is at 56 points, rebounding the overbought area. The volatility per hour could reach 180 pips. Checking the daily graphics, the current price is over the 38.20% (1.1755) and under the 50.00% (1.2589) Fibonacci retracements.
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