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The USDCAD declines strongly – Analysis - 01-05-2023
The USDCAD pair traded with strong negativity in the previous sessions to reach the EMA50, waiting for more decline to test 1.3500 level that represents our main target, being aware that it is important to monitor the price at this level, due to its importance to detect the next trend.
Note that continuing the negative pressure and breaking the mentioned level will push the price to suffer additional losses that reach 1.3350, while consolidating above it will push the price to start new bullish wave that targets 1.3600 followed by 1.3680 levels as next main stations.
The expected trading range for today is between 1.3470 support and 1.3630 resistance.
The expected trend for today: Bearish
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