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MIG Bank

MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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USD/CAD: A Lower High Under 1.0609 is Anticipated

USD/CAD may have resumed its short term upside recovery from 1.0246 (01/08/2013 low). However, as mentioned in recent reports we are anticipating the formation of a lower high, under the annual high for a swing back lower to test the area closer to the 200 day moving average and long term trend line support from 0.9633 (14/09/2012 low).

In the longer term, the key resistance at 1.0870 (02/11/2009 high, see also the long-term declining trendline from the October 2002 peak) is expected to cap the medium-term upside potential. However, as long as the support at 1.0137 (14/06/2013 low, see also the rising trendline from 0.9633 (14/09/2012 low) in a daily chart) holds, we would still favour a mild medium-term bullish bias.

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