USDCAD Looking To Test The Bottom of Short Term Trend

USDCAD is currently approaching a very interesting level. At the moment it is testing 0.9720 level and if it manages to break below that one, then the next important level to focus is 0.9670 and there are many reasons for this level being important. The first reason is that if we consider the medium term upward trend we will find it as the bottom of that trend and a buy is very much expected from that level for targets towards 0.9770 level.

Considering the long term trend, if USDCAD manages to break below the 0.9670 level, then the break will shift the focus of traders to the long term scenario and will be looking to sell USDCAD with break of 0.9670 level for initial targets below 0.9600 level which can be further extended to 0.9400 level.

0.9670 level has an another importance that both the medium term and long term moving averages are currently around that level and once the market is expected to either take a bounce from that level or will take a sharp dip once it broker below that level. RSI is also in the middle and seems to support movement in both directions and will not play any role in the moment of the market.

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