Hugo
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Hugo in HTO Trading,

USDCAD: Consolidating

Since the start of the year the currency lost more than 6.0% and also fell last week 0.3% in addition turned into a bearish phase since the end of March 2016.

Last week the USDCAD tried to rally but found enough resistance to give back all its gains and closed near the low of the week, however managed to close within the previous week range, suggesting a weak bearish momentum.

The Stochastic is showing a weak bullish momentum although is below the 50 mid line.

Expecting an upward move to a weekly resistance at 1.3154 on a bounce from a weekly support at 1.2605 (scenario 1) but a break above the previous week high at 1.3218 could push the currency up to a weekly resistance at 1.4140 (scenario 2).