On the USDCAD daily chart, we can see that the multi-month channel has held and also the 200 SMA 1.3099 level (blue line). There is also positive divergence on RSI (13). With this in mind, today’s price action is important. The daily close below 1.3050 would indicate a bearish continuation and possible extension to 1.2760. Daily close above 1.3170 would indicate bullish continuation to 1.3400.
Happy trading! (click on the chart to enlarge it)
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