USD/CAD

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Type:	Forex
Ticker:	USDCAD
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USD/CAD - USD/CAD Higher Move Is Expected Before the Sell-Off - 12/06/2017 (GMT)

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USD/CAD Chart

The Canadian dollar had an aggressive run to the upside and gained ground versus the U.S. dollar over the previous week. The latest Canadian jobs data have a brightening picture to the nation’s labour market while the unemployment rate dropped to a nearly ten-year low level boosting the optimism. The USD/CAD pair plummeted more than 1.5% in December and during yesterday’s trading period the price slipped beneath the 1.2665 support level and reached a new more than one-month low.The price dropped well below the three simple moving averages (50, 100 and 200) on the 4-hour chart and rebounded on the 1.2625 barrier indicating for a move until the 1.2725 resistance. The RSI indicator is flattening within the 30 and 50 level while the MACD oscillator is rising above the trigger line and below the zero line.

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