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Forex pairs in this Article » USD/CAD
FXstreet.com (Barcelona) - After losing its grip on the 0.9900 level, the USDCAD has bounced off of 0.9879 to pare its losses and settle at 0.9920 in a sudden 40 pip recovery movement during European trading Wednesday.

"The USDCAD breached the first target for the bearish Butterfly Pattern and that supports the extension of the downside move toward the second target at 61.8% correction of CD leg. The linear regression indicator 34 is biased negatively, while the stochastic is approaching oversold areas." writes the analyst team at ICN.com.

Consistent with the calculations of the Mataf.net analyst team, the USDCAD is slated to face support at 0.9904, onto 0.9879 and finally 0.9848. Any further bounce or recovery is expected to be mitigated by resistive correction at 0.9960, then 0.9991, and ultimately 1.0016.

In these moments the cross is trading at the crossover between positive and negative territory, recording a marginal -0.01% as it settles near opening levels. It is worth noting the falling price of crude, which presently is operating at USD $87.85, down -0.97% on the day.
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