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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: Last Friday's Reversal Favours a Short Term Corrective Phase

USD/CAD made a bearish reversal last Friday. Given the strong resistance area defined by 1.0609 and 1.0658, a short-term corrective phase seems likely. Supports are at 1.0471 (22/08/2013 low) and 1.0424 (intraday low). A resistance now stands at 1.0568 (23/08/2013 high).

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 1.0246 (31/07/2013 low) holds, we would still favour a mild medium-term bullish bias.

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