USD/CAD drops sharply to as low as 1.2249 so far. The strong break of 1.2351 is taken as an indication of medium term reversal. Intraday bias is now on the downside. Deeper decline should be seen to 38.2% retracement of 1.0620 to 1.2834 at 1.1988. On the upside, above 1.2387
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