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Approaching Major Support

USDCAD TECHS
  • RES 4: 1.249 50-day EMA
  • RES 3: 1.2419 High Apr 27
  • RES 2: 1.2351 High May 4 and a key near-term resistance
  • RES 1: 1.2194/2288 High May 7 / High May 6
  • PRICE: 1.2091 @ 06:51 BST May 11
  • SUP 1: 1.2079 Low May 10
  • SUP 2: 1.2062 Low Sep 2017 and a major support
  • SUP 3: 1.2007 2.0% 10-dma envelope
  • SUP 4: 1.1920 Low May 2015

USDCAD remains in a clear downtrend and continues to register fresh lows. Moving average studies are in a bear mode and the move lower confirms an extension of the bearish price sequence of lower lows and lower highs. The pair is approaching a major pivot support at 1.2062, the Sep 2017 low. This level will potentially either reinforce the current M/T bear leg if breached or lead to a reversal if the support manages to contain CAD strength.

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