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- RES 4: 1.2700 High Mar 8
- RES 3: 1.2653 High Apr 21 and the bull trigger
- RES 2: 1.2441/91 20-day EMA / High Apr 26
- RES 1: 1.2365/2419 Low Mar 18 / High Apr 27
- PRICE: 1.2311 @ 17:25 BST May 4
- SUP 1: 1.2266 Low Apr 30 and the bear trigger
- SUP 2: 1.2239 1.236 proj of Jan 28 - Feb 25 - Feb 26 price swing
- SUP 3: 1.2178 1.382 proj of the Jan 28 - Feb 25 - Feb 26 price swing
- SUP 4: 1.2157 2.0% 10-dma envelope
USDCAD remains in a bearish mode following last week's move to fresh cycle lows. The break of 1.2365, Mar 18 low confirms a resumption of the underlying downtrend that has been in place since March 2020. Moving average studies are in a bear mode, this reinforces current trend conditions. The focus is on 1.2239, a Fibonacci projection. On the upside, initial resistance is at 1.2365 and 1.2419. The latter is the Apr 27 high.