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Loonie approaching the top of the channel

al_dcdemo Posted 5 May  in #Trader's blog #Support #Resistance #USD/CAD #Strong Rally #D1 Chart #Boc Governor Poloz #Weakening Momentum
USD/CAD is continuing its upward march though the momentum has been weakening. BOC governor Poloz spoke yesterday, highlighting challenges that the economy faces: continuing shortfall in exports, slack in the economy and labour market, and uncertainty around the U.S. and protectionism.
The pair recorded ten consecutive up days and 14 out of 16 since April 13th. It is approaching the top of the 2016 - 2017 trading channel which coincides with 61.8% retracement of the 2016 downswing. The first str…
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Loonie approaches 38.2% retracement

al_dcdemo Posted 14 Apr.  in #Trader's blog #Support #Resistance #USD/CAD #Rate Statement #D1 Chart #Boc Governor Poloz
After relatively upbeat rate statement yesterday, Loonie hit the lowest level since last July. BOC governor Poloz was less upbeat at the press conference and the pair turned higher, helped by consolidating oil prices.
The pair cleared stops below strong 1.28 - 1.285 band (Q1 2015 highs, July and October 2015 lows) and stalled about 70 pips ahead of 38.2% retracement of the 2011 - 2016 uptrend. 1.30 - 1.3065 zone (2008 and 2009 highs) shall now provide some resistance.
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