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Attention Is On 1.2000

USDCAD TECHS
  • RES 4: 1.2419 High Apr 27
  • RES 3: 1.2351 High May 4 and a key near-term resistance
  • RES 2: 1.2288 High May 13
  • RES 1: 1.2145/2203 High May 20 / High May 6
  • PRICE: 1.2045 @ 06:53 BST May 26
  • SUP 1: 1.2013 Low May 18
  • SUP 2: 1.2000 Psychological round number
  • SUP 3: 1.1920 Low May 2015
  • SUP 4: 1.1849 2.0% 10-dma envelope

USDCAD is trading closer to recent lows. The outlook remains bearish. The recent key technical development has been the move through major support at 1.2062, Sep 2017 low. This represents an important pivot chart point that either marks the base of a broad range or the midpoint of a double top reversal pattern. Scope is seen for a test and break of the psychological 1.2000 handle. Initial firm resistance is at 1.2203, May 13 high.

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