USD CAD Sets Sights on 1.1922

The main trend remained up in the USD CAD as a downward reversal incrude oil prices weakened the Canadian Dollar. Weak Canadian economicnews combined with a drop in U.S. Consumer Confidence also helpedpressure the Canadian Dollar.

Daily Analysis

The main trend remained up in the USD CAD as a downward reversal in crude oil prices weakened the Canadian Dollar. Weak Canadian economic news combined with a drop in U.S. Consumer Confidence also helped pressure the Canadian Dollar.

Technically, this pair is poised to continue to rally with a Main Top at 1.1813 the first upside target followed by a major 50% retracement level at 1.1922. On the downside, trailing retracement support comes in at 1.1289 to 1.1207. A test of these levels would not turn the main trend to down, but would instead set up a buying zone. 

Daily Chart

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