USD/CAD: The market has finally managed to clear resistance by 1.0745 to expose next key topside barriers by 1.0870 further up. Daily studies still show plenty of room to run, and we look for a retest and break of 1.0870 over the coming days. As such, the latest round of sharp setbacks into the 1.0400’s should be used as a formidable opportunity to build a compelling long position. Only a close back under 1.0400 would give reason for concern.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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