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USD/CAD: Challenging Its Rising Trendline

USD/CAD is in a short-term bearish trend as long as prices remain below the resistance at 1.0436 (09/09/2013 low). Monitor the test of the support implied by the rising trendline. An initial resistance lies at 1.0382 (06/09/2013 low). Another support can be found at 1.0294 (16/08/2013 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 area between 1.0246 (31/07/2013 low) and the longterm rising trendline (around 1.0188) holds, we would still favour a mild medium-term bullish bias.

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