04th Jul - USD/CAD at Pivotal Support
04 July 2014
WEEKLY CHART:
The long term recovery earlier tested resistance around the channel top and 50% retracement, failing to push through.
The market is now testing the 1.0650 38.2% retracement, and a break lower would prolong the correction phase.
DAILY CHART:
Weakness has continued here, with next meaningful support on this chart, the 1.0608 Jul-13 high area, now under scrutiny. A break of this would be a bearish development.
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