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USD/CAD pulled back sharply after edging higher to 1.0851 but such pull back was contained at 1.0593 and USD/CAD rebounded strongly towards the end of the week. Initial bias is mildly on the upside this week for a test on 1.0851 first. Break there will confirm that whole rise from 1.0205 has resumed and should target 1.1123 resistance next. On the downside, below 1.0653 minor support will argue that correction from 1.0851 is still in progress and will turn bias back to the downside for 1.0593 and below. Nevertheless, in such case, the correction is still expected to be contained by 61.8% retracement of 1.0205 to 1.0851 at 1.0452 and bring rise resumption.
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