USD/CAD Technical Analysis: February 17, 2017
The U.S. dollar against the Canadian dollar dropped during the trading session on Thursday testing towards the 1.30 level. This zone was seen to give a significant support in the past session which seems to happen again. There seems to be a strong resistance level found above the 1.31 level which seems to consolidate within this range. Moreover, the oil market has no clear direction which will also be reflected in the price trend of the pair.
However, if the market is able to break atop the shooting star pattern formed on Wednesday’s trading session, this could further go up towards the 1.32 level. Oppositely, a breakdown lower than the 1.2967 level could shift the direction of the price move downward.
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