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Investment Recommendations May 24th

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Investment Recommendations May 24th

Introduction

This article was posted on Wednesday, 18:25, UTC.

USD/CAD: Short-Term Buy

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USD/CAD, 4-Hour Chart Analysis

The pair has been declining since it reached the 1.38 level following our recommendation. The declining short-term trend has carried USD/CAD back below the 1.35 level, and it’s now close to the key support near 1.34. The advancing long-term trend channel is still intact and the lower boundary should provide support in the coming days.

The MACD indicator shows deeply oversold levels, and that could boost a coming bounce. The 1.3570 level is a good initial target for the move, with the 1.3650 level ahead as resistance as well. The initial stop-loss order could be placed just below the 1.3375 level.

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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