This is an overall observation on USDCAD. After a previous move upwards USDCAD is now looking like it is entering the early stages of what could be a long term consolidation period on a monthly basis however trades will be possible on shorter terms of course. I believe we could be down to around the 1.2500 region by the end of the month so will be looking to short bounces from here with the current high not being taken out. Prices down to 1.1900 are possible over the ensuing months with that level being what we believe becoming a possible new support area.
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