SPOT USDCAD - temporary relief rally to continue
​A developing trend of higher daily lows kept Wednesday’s signals for USDCAD pointing temporarily higher. However, despite extending the trend to five and also ending a strong sequence of lower weekly highs, initial gains were modest. The bounce has stalled near the 13 day average rate, but at this stage it is too early to assume that it is over. With this in mind the outlook for Thursday remains cautiously and temporarily bullish, buying on the open and then at 1.2571, today’s opening trade in Asia with a stop loss at 1.2531, yesterday’s low. Targets are to 1.2610, the 21st July high, 1.2642, the 20th July top and 1.2703, the 2 week high trade.
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