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CORN TECHS

(Z2) Bearish Following Breach Of Key Support

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Approaching Its M/T Bull Trigger

USDCAD TECHS
  • RES 4: 1.3024 38.2% retracement of the Mar ‘20 - Jun ‘21 downleg
  • RES 3: 1.2987 2.0% 10-dma envelope
  • RES 2: 1.2964 High Dec 20 2021 and a key bull trigger
  • RES 1: 1.2914 High May 2
  • PRICE: 1.2852 @ 17:12 BST May 3
  • SUP 1: 1.2719/2664 Low Apr 29 / 50-day EMA
  • SUP 2: 1.2568 Low Apr 22
  • SUP 3: 1.2459 Low Apr 21
  • SUP 4: 1.2403 Low Apr 5 and a key support

USDCAD traded higher Monday and probed resistance at 1.2901, the Mar 8 high. The outlook remains bullish and the strong recovery from Friday’s low of 1.2719 reinforces this theme. A clear break of 1.2901 would reinforce bullish conditions and pave the way for a climb towards the Dec 20 2021 high of 1.2964 - a key medium-term bull trigger. On the downside, first support lies at 1.2719.

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  • RES 4: 1.3024 38.2% retracement of the Mar ‘20 - Jun ‘21 downleg
  • RES 3: 1.2987 2.0% 10-dma envelope
  • RES 2: 1.2964 High Dec 20 2021 and a key bull trigger
  • RES 1: 1.2914 High May 2
  • PRICE: 1.2852 @ 17:12 BST May 3
  • SUP 1: 1.2719/2664 Low Apr 29 / 50-day EMA
  • SUP 2: 1.2568 Low Apr 22
  • SUP 3: 1.2459 Low Apr 21
  • SUP 4: 1.2403 Low Apr 5 and a key support

USDCAD traded higher Monday and probed resistance at 1.2901, the Mar 8 high. The outlook remains bullish and the strong recovery from Friday’s low of 1.2719 reinforces this theme. A clear break of 1.2901 would reinforce bullish conditions and pave the way for a climb towards the Dec 20 2021 high of 1.2964 - a key medium-term bull trigger. On the downside, first support lies at 1.2719.