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USD/CAD: Strong Support Near 0.9800

USD/CAD is still under the influence of its short-term downtrend. The first resistance to monitor is the 10 August high at 0.9970.

Given the short-term oversold conditions and the significant supports area near 0.9800, we would see further short-term weakness toward the 27 April low as a good opportunity to initiate a long USD position.

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