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USD/CAD: A Perfect Setup For A Top? – Goldman Sachs

Dollar/CAD reached higher last week, but never hit the cycle highs.

Has the pair  topped out? The team at Goldman explains with a chart:

Here is their view, courtesy of eFXnews:

The setup in USD/CAD favors lower levels, but momentum has been slow and disappointing, notes Goldman Sachs.

“The market has spent a week consolidating near the 1.2771-1.2835 resistance level which includes an ABC from May and the previous Jan./Mar. highs. Moreover oscillators are at the top of their range and attempting to cross lower,” GS adds.

Overall, this looks like it should be the perfect setup for a top to develop however it’s also irrefutable that momentum has been weak. Need to hold below 1.2771-1.2835 to maintain this bearish outlook,” GS argues.

Canadian dollar technical analysis July 13 2015 USDCAD Goldman Sachs

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.