The past couple of days on the USD/CAD daily chart has seen price action bouncing up off a key uptrend support line as well as a horizontal support/resistance level in the 1.2100 region. To the upside, major dynamic resistance resides around the downtrend resistance trendline that extends from the third test of the four-year high around 1.3000. Any strong breakout above this trendline could see price target that long-term high once again. To the downside, the noted uptrend support line should continue to serve as significant support for the pair in the near-term.
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