Our bullish technical view for USDCAD was encouraged by the recent development of basing candles on the daily plot. We expect buying interest ahead of the 1.2350 range lows to underpin a move higher in range towards the 1.2835 year-to-date highs. A move above 1.2835 would confirm further upside. Our greater targets are near 1.3065, the 2009 range highs and then further out towards 1.3465
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