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Approaching Key Support

USDCAD TECHS
  • RES 4: 1.3386/87 50.0% of the May 26 - Jun 27 downleg / High Jul 7
  • RES 3: 1.3370 50-dma
  • RES 2: 1.3304 High Jul 10
  • RES 1: 1.3266 20-day EMA
  • PRICE: 1.3156 @ 08:13 BST Jul 13
  • SUP 1: 1.3144 Low Jul 12
  • SUP 2: 1.3117 Low Jun 27 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 remains soft on the back of this week’s bearish price action. A bearish engulfing candle on Jul 7 continues to highlight a reversal and attention turns to key support at 1.3117, the Jun 27 low. A break of this level would confirm a resumption of the downtrend that started on Oct 13 2022. This would pave the way for weakness towards 1.3084, a Fibonacci projection. Initial firm resistance is seen at 1.3266, the 20-day EMA.

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