USD/CAD Technical Analysis Forecast

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Last weeks attempts to close above the 50% retracement level of the rise from 0.9445-0.9910 where thwarted. Indicators continue to point down with the 20 day SMA forming a cross of the 50 day on the daily chart.

However with the MACD starting to turn up we could see some gains this week but would expect these to be limited to resistance around 0.9700 and bring about further falls to test support 0.9575 and 0.9500.

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