USD/CAD Price Movement On August 14, 2020

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On the 4-hour chart, we spotted the Divergence between the Price and the Stochastic Oscillator. This indicates an upward retracement of USD/CAD which will interrupt the bearish bias. The retracement could happen after the loonie breaks the market structure first at 1.3191 before the price goes up for a retracement. Please pay attention to the 1.3338 level if the pair will pass it. Then, we might spot signs that the bearish bias of USD/CAD will change.

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