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The USDCAD price is back at the range lows, could we see a move higher from here?

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USDCAD Analysis 

The price of USDCAD has reached the previous swing and range lows which could offer long opportunities. The recent Canadian Dollar strength has driven USDCAD prices much lower recently however, NFP forecasts a positive outcome is yet to come for the USD this week. With the price being at the range lows ahead of this news we could see a reversal form. 

USDCAD forex chart of the day

The price action shows an inverse head and shoulders pattern forming which is a common sign of a reversal in the trend. If the price breaks through the current 4hr swing highs we could look for opportunities long on the retest of the neckline support. To add confluence to the trade we can take a look at the USD Index. This shows that the USD is at a range low itself with buyers coming back into the market today. All we need for this market to move higher is for the Canadian dollar to start losing strength which will drive USDCAD prices higher. 

Do you trade GBPUSD? see our latest analysis here.

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