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Approaching Key Resistance

USDCAD TECHS
  • RES 4: 1.3462 High Jun 5
  • RES 3: 1.3441 61.8% retracement of the May 26 - Jul 14 downleg
  • RES 2: 1.3427 High Jun 7
  • RES 1: 1.3387 High Jul 7 and a key resistance
  • PRICE: 1.3345 @ 16:46 BST Aug 3
  • SUP 1: 1.3233 20-day EMA
  • SUP 2: 1.3151/3093 Low Jul 31 / 14 and the bear trigger
  • SUP 3: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 4: 1.3032 1.764 proj of the Apr 28 - May 8 - May 26 price swing

USDCAD short-term conditions have improved for bulls. The pair traded higher Wednesday and is firmer again Thursday. This week’s gains have resulted in a break of resistance at the 50-day EMA, which intersects at 1.3285. The move higher signals scope for a climb towards the next key resistance at 1.3387, the Jul 7 high. Key support has been defined at 1.3093, the Jul 14 low. A break of this level is required to reinstate a bearish theme.

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