USD/CAD Weakening

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The USD/CAD forex pair has altered it’s upward momentum due to a weakening US Dollar.

The price to watch for further confirmation of a change in trend to downwards will be 1.24.

cad

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If closing prices for the hourly bars go below this price level and, especially if an entire hourly bar’s range is below 1.24, then this will be a very strong indication of a change in trend to the downside has begun. If so, then it will likely last for weeks.

This is a shorter-term analysis for shorter moves and not a mega-trend in the USD/CAD. – George

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  • May 29, 2015