(1,0357) The USD/CAD confirmed last night another weak closing after a test of the 100 days line at 1,0334. A possible closing below this line could support a direct extension of the drop toward the 200 days line at 1,02, still the scenery we favour! The indicators of the daily chart are now well negative while those of the s/t ones are mixed this morning suggesting some consolidation. Bullish divergences in the hourly chart confirm however still a negative tone supporting lower levels. We expect lower levels suggesting a direct 1,03 undershooting. We wait for this possible extension while moving the stop to 1,0415!!
Read the full report: USDCAD 09.11
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