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Approaching Key Support Zone

USDCAD TECHS
  • RES 4: 1.3730 76.4% retracement of the Mar 10 - Apr 14 low
  • RES 3: 1.3695 High Mar 28
  • RES 2: 1.3668 High Apr 28 and key resistance
  • RES 1: 1.3492/85 20-day EMA / High Jun 1
  • PRICE: 1.3355 @ 08:00 BST Jun 8
  • SUP 1: 1.3322 Low Jun 07
  • SUP 2: 1.3315 Low May 8
  • SUP 3: 1.3302 Low Apr 14 and a key near-term support
  • SUP 4: 1.3241 2.0% 10-dma envelope

USDCAD traded lower Thursday following the unexpected BoC rate hike, but remained above strong support layered between the April/May lows and has - for now - stalled any significant downside breakout. A resumption of weakness would expose 1.3315 and 1.3302, the May 8 and Apr 14 lows and a key support zone. On the upside, initial firm resistance is at 1.3492, the 20-day EMA. A break of this level would ease bearish pressure.

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