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EURCAD continues to rise after the earlier breakout of the key resistance level 1.54000 (former monthly double top from June), intersecting with the 38.2% Fibonacci correction of the previous downward ABC correction 2 from the middle of March. Given the powerful bullish sentiment affecting the euro – coupled with the moderate Canadian dollar bearishness – EURCAD is likely to extend the gains toward the next resistance 1.55400 (former monthly high from May).
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