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USD/CAD Bears Likely To Prevail

The 50– hour simple moving average pressured the USD/CAD currency pair lower on Tuesday. As a result, the US Dollar declined by 55 pips or 0.44% against the Canadian Dollar.

Everything being equal, the 50– hour SMA could continue to squeeze the currency pair lower during the following trading session. The potential target for bearish traders will be near the 1.2400 level.

However, the support level at 1.2442 could still provide a barrier for sellers within Wednesday’s trading session.

 

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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