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USD/CAD Testing Medium-Term Channel Support

USD/CAD has been rallying since September. The daily chart shows its rising channel.

USD/CAD Daily Chart

(click to enlarge)

- The daily chart shows that price is right near a rising channel support.
- I think there could still be some more downside and the overall picture would still look bullish.
- For example, around 1.26 is another key level - a previous resistance pivot and where the 100-day simple moving average resides. 
- Still, even as price approaches 1.27 we can start anticipating support.