USD/CAD’s decline from 1.4689 accelerated to as low as 1.3311 last week. Current development suggests that such decline is a medium term correction. Initial bias remains on the downside this week for 1.3084 monthly support 2 first, with 21 and 55 EMA crossed southward on the 4 hours time-frame. SSRC oscillator is also signalling a bearish momentum is expected in the pair. On the upside, above 1.3470 minor resistance will turn bias neutral and bring consolidations first.



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