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Corrective Pullback Extends

USDCAD TECHS
  • RES 4: 1.3192 1.00 proj of the Apr 5 - May 12 - Jun 8 price swing
  • RES 3: 1.3113 High Nov 23 2020
  • RES 2: 1.3079 High May 17 and a bull trigger
  • RES 1: 1.2917/3017 High Jun 27/23
  • PRICE: 1.2837 @ 08:00 BST Jun 28
  • SUP 1: 1.2798 50-day EMA
  • SUP 2: 1.2732 61.8% retracement of the Jun 8 - 17 rally
  • SUP 3: 1.2681 Low Jun 10
  • SUP 4: 1.2518 Low Jun 8 and key support

The USDCAD outlook is bullish however price action remains weaker and is trading lower again today. The latest pullback is still considered corrective. Recent gains resulted in a break of 1.3000 and delivered a print above key resistance at 1.3077, the May 16 high and a bull trigger. A clear breach of 1.3077 would confirm a resumption of the uptrend and open 1.3113, Nov 23 2020 high. The next firm support is seen at 1.2798, the 50-day EMA.

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