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USDCAD pivots at 13500 looking to go higher

Market Analysis

USDCAD, H1                   

USDCAD end last month robustly edging back over the key, psychological 1.3500 level. It was also a poor day for Oil as US OIL fell to under 48.00 a barrel on news of increased production from Libya. The 1 hr USDCAD chart exhibited a strong rejection of the 200 period moving average at 1.3481 overnight and prompted a long position at 1.3498 as 1.3500 is once again threatened.  A short term target should take this pair to new weekly highs around the next intraday resistance at 1.3518. The RSI is 59 and rising although the parabolic  SAR remains negative and resistance to a move higher remains at the latest fractal high at 1.3514.

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Stuart Cowell

Senior Market Analyst

HotForex

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