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USD/CAD Technical Analysis: Rebound Hinted at Trend Line

Ilya Spivak

USD/CAD Technical Analysis – Prices put in a bullish Piercing Line candlestick pattern above support at rising trend line set from early May, hinting a recovery is ahead. A break above falling trend line resistance set from the July 5 high (1.0309) confirms reversal and exposes the 23.6% Fibonacci retracement at 1.0343. Trend line support is now at 1.0275.

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dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Rebound Hinted at Trend Line

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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