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USD/CAD has been trading DOWNSIDE as I expected and the price has reached the first downside objective at the price of 1.3350. Anyway, I see potential for further downside movement due to the strong downside momentum.
Due to the strong downside pressure in the background and rejection of the key resistance zone, I see potential for the further downside movement and potential second target.
Watch for the potential selling opportunities on the rallies with the downside objective at the price of 1.3250.
MACD oscillator is showing fresh downside momentum, which is strong sign that sellers are in control.
Key resistance is set at the price of 1.3450
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Relevance up to 09:00 2023-01-14 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
