USDCAD Loses Upside Momentum, Eyes Bear Pressure

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Monday 31 AUG15

• USDCAD Loses Upside Momentum, Eyes Bear Pressure

Highlights
Commodity Technical Research www.fxtechstrategy.c
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EURUSD
USDCAD With USDCAD seen taking back its intra
day gains during Monday trading session, risk of
more weakness is now envisaged. Resistance
resides at the 1.3212 level where a break will
target the 1.3250 level. Further out, resistance
comes in at the 1.3300 level where a turn lower
may occur. But if further recovery is triggered
resistance comes in at the 1.3350 level. Its
daily RSI is bearish and pointing lower
suggesting further weakness. On the downside,
support lies at the 1.3150 level followed by the
1.3000 level. Further down, support resides at
the 1.2950 level and then the 1.2900 level. All
in all, USDCAD remains biased to the downside
below its key support at 1.3352 level.
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