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USDCAD 200-Pip Long Opportunity Edges Closer
On June 1st, I wrote about a potential USDCAD bounce from the 1.3440-1.3490 area. I even told Daily Price Action members to watch for a stop run below 1.3440 heading into last week’s non-farm payroll. We’ve since had two wicks below the area to clear out early longs. But I’m not convinced it’s time to long USDCAD just yet. The pair isn’t showing any clear buy signals, and other markets (discussed below) have yet to confirm a USDCAD long opportunity. Here’s what needs to happen for USDCAD to rally this month: The most obvious requirement for a USDCAD rally is a stronger dollar. I’ve written about the US ... (full story)