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Daily outlook for USD/CAD: BofA Merrill Lynch

Quotes from BofA Merrill Lynch:

- USD/CAD looks to be completing its 3wk range trade with today's reversal higher. 

- Indeed, a close above 1.2487 would complete a Bullish Engulfing Candle on daily charts, adding to the bullish body of evidence. 

- A break of 1.2643/1.2665 would confirm a resumption of the bull trend for 1.3035

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