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Hugo in HTO Trading,

USDCAD: Trading in a tight range

Since the start of the year the currency lost more than 6.5% although last week fell more than 0.5% and is a recovery phase since the beginning of July.

Last week the USDCAD went back and forward without any clear direction but closed in the red, in the middle of the weekly range, also managed to close within the previous week range, which suggests being clearly neutral, neither side is showing control.

The stochastic is showing lack of momentum although is still above the 50 mid line.

Expecting an upward move to a weekly resistance at 1.3457 on a bounce from the weekly support at 1.2835 (scenario 1) but a break above the previous week high at 1.3139 could trigger a bullish run up to the weekly resistance at 1.3457 (scenario 2).