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Directional Triggers Defined

USDCAD TECHS
  • RES 4: 1.2871 High Mar 15
  • RES 3: 1.2786 76.4% retracement of the Mar 8 - Apr 5 bear leg
  • RES 2: 1.2711 61.8% retracement of the Mar 8 - Apr 5 bear leg
  • RES 1: 1.2676/88 High Apr 13 / Intraday high
  • PRICE: 1.2687 @ 14:32 BST Apr 22
  • SUP 1: 1.2568/2459 Intraday low / Low Apr 21
  • SUP 2: 1.2403 Low Apr 5 and a key support
  • SUP 3: 1.2387 Low Nov 10 2021
  • SUP 4: 1.2328 Low Oct 29 2021

Recent price action in USDCAD has defined key directional triggers at 1.2676, Apr 13 high and 1.2459, the Apr 21 low. The pair has probed 1.2676 today and a clear break would represent a bullish development. This would open 1.2711 and 1.2783, Fibonacci retracement levels. A reversal lower would instead refocus attention on support at 1.2459, where a break would reinstate a bearish theme.

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