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Bearish Threat

  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3791 2.0% 10-dma envelope
  • RES 2: 1.3695 High Mar 28
  • RES 1: 1.3668 High Apr 28
  • PRICE: 1.3540 @ 07:56 BST May 2
  • SUP 1: 1.3528 Intraday low
  • SUP 2: 1.3473 Low Apr 21
  • SUP 3: 1.3385/3302 Low Apr 19 / 14 and the bear trigger
  • SUP 4: 1.3275 Low Feb 14

USDCAD failed to hold on to last Friday’s high of 1.3668. The strong reversal exposes support at 1.3538, the 20-day EMA - it has been pierced. This EMA represents an important short-term level where a break would highlight a stronger bearish threat, signalling scope for a deeper pullback towards 1.3473, the Apr 21 low. On the upside, a recovery and break of 1.3668 is required to cancel a bearish threat and reinstate the recent bull cycle.

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