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USDCAD rallies to above 1.2300, highest since 2009

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USD/CAD rallied to a high of 1.2393 on Wednesday, the highest since April 2009. The bias remains strongly bullish, with many technical indicators suggesting this. The market is above the Ichimoku cloud and the tenkan-sen and kijun-sen lines are positively aligned and pointing north. RSI is rising although it has entered overbought levels, suggesting a pause in the upward momentum in the near term.

Yesterday’s high of 1.2393 will act as immediate resistance. The next high the market would target would be the April 2009 high of 1.2712. To the downside, minor support is seen at 1.2050.

Overall the long term outlook is bullish, as long as the market remains above 1.1200.

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