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Sep 22 - 11:55 AM

USD/CAD - Longs May Reap Big Rewards If Key Impediment Breaks

By Christopher Romano  —  Sep 22 - 10:03 AM
  • Short-term techs lean bullish; USD/CAD consolidating gains off Sep 3 low

  • Pair trades above rising 10-, 50-DMAs & daily cloud top; weekly RSI rising

  • Weekly inverted hammer candle, overbought RSI are concerns for longs

  • Fed meeting risk looms, if deemed hawkish USD/CAD rally likely resumes

  • Longs then likely to face structural resistance in the 1.2950/60 zone

  • Break of that zone completed an inverse head & shoulders pattern

  • Pattern completion suggests USD/CAD can potentially rally toward 1.3800

  • For more click on FXBUZ




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Source:
Refinitiv IFR Research/Market Commentary

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