USDCAD hit a new highest level in 5 months for the fourth week in a row. It is now testing the resistance level of 1.3704.
Indicators that show in which direction the exchange rate may move give mixed signals. One of them, RSI, indicates a possible continuation of growth. However other indicators indicate that growth may slow or even turn into decline.
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Those who think the rate will rise (bulls) hope to keep it above the 1.3704 level and raise it to 1.3807-1.3854. If they manage to do this, the next target will be to reach the 1.3898 level, which was the maximum in 2023.
On the contrary, those who think the rate will go down (bears) may try to push it back down to the 1.3605 level.
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