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Approaching The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3024 38.2% retracement of the Mar ‘20 - Jan ‘21 bear cycle
  • RES 3: 1.2964 High Dec 20 and a key resistance
  • RES 2: 1.2924 High Dec 22
  • RES 1: 1.2901 High Mar 8
  • PRICE: 1.2725 @ 17:31 GMT Mar 11
  • SUP 1: 1.2713 50-day EMA
  • SUP 2: 1.2587 Low Mar 3
  • SUP 3: 1.2552 76.4% retracement of the Jan 19 - Feb 24 rally
  • SUP 4: 1.2499 Low Jan 21

USDCAD is lower following Friday’s strong employment report. The pair has traded through the 20-day EMA highlighting an extension of the pullback from Tuesday’s 1.2901 high. The focus is on the 50-day EMA, at 1.2713, and a key support. A clear break of this average would signal scope for a deeper retracement of the recent Mar 3 - 8 rally. On the upside, a break of 1.2901 is required to reinstate the recent bullish focus.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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