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Bear Threat Remains Present For Now

USDCAD TECHS
  • RES 4: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 3: 1.3661 High Nov 27
  • RES 2: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3510/3606 20-day EMA / High Feb 28 and the bull trigger
  • PRICE: 1.3502 @ 16:49 GMT Mar 12
  • SUP 1: 1.3420 Low Mar 8
  • SUP 2: 1.3359 Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

USDCAD traded lower last week and short-term conditions remain bearish - for now. Key support lies at 1.3359, the Jan 31 low and a break of this level would be seen as a bearish development. Initial firm support to watch lies at 1.3441, the Feb 22 low. It has been pierced and a clear break would expose 1.3359. On the upside, the bull trigger is at 1.3606, the Feb 28 high, where a breach is required to reinstate a bullish theme.

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