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Bear Cycle Still In Play

USDCAD TECHS
  • RES 4: 1.3077 High May 16 and the bull trigger
  • RES 3: 1.2982 High May 16
  • RES 2: 1.2896 High May 18 and a key resistance
  • RES 1: 1.2801 20-day EMA
  • PRICE: 1.2642 @ 15:42 BST May 31
  • SUP 1: 1.2631 Low May 31
  • SUP 2: 1.2562 61.8% retracement of the Apr 5 - May 12 bull run
  • SUP 3: 1.2536 2.0% 10-dma envelope
  • SUP 4: 1.2459 Low Apr 21

USDCAD started the week on a softer note, extending losses on Tuesday as the current bear cycle persists. The cross has recently cleared both the 20- and 50-day EMAs and has also registered a print below 1.2660, the 61.8% retracement of the bull run from Apr 5 - May 12. A clear break of this level would open 1.2562, the 76.4% retracement. On the upside, a key short-term resistance has been defined at 1.2896, the May 18 high.

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