A narrow range, sideways digestion Tuesday ahead of the FOMC announcement Wednesday, but holding support at 1.2735 and 1.2705.
This leaves a firm tone, after a push last week to a new cycle high above 1.2800 (the January cycle peak) to leave bullish pressures intact.
Short-term Outlook - Upside Risks
- Now looking for a push above the new cycle peak at 1.2825.
- The March threat is to 1.3000, psychological/option target and even the 2009 cycle high at 1.3063.
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Weekly USDCAD Chart