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Bears Remain In The Driver’s Seat

USDCAD TECHS
  • RES 4: 1.3898 High Oct 14
  • RES 3: 1.3805/3862 High Mar 24 / 10 and the bull trigger
  • RES 2: 1.3745 High Mar 27
  • RES 1: 1.3663 20-day EMA
  • PRICE: 1.3536 @ 16:21 BST Mar 30
  • SUP 1: 1.3517/15 100-dma / Low Feb 22
  • SUP 2: 1.3491 61.8% retracement of the Feb 2 - Mar 10 rally
  • SUP 3: 1.3442 Low Feb 20 / 21
  • SUP 4: 1.3404 76.4% retracement of the Feb 2 - Mar 10 rally

The current bear cycle in USDCAD remains in play and the pair traded lower again Thursday. This week’s bearish extension has resulted in a break of the 50-day EMA and 1.3562, the 50% retracement for the Feb 2 - Mar 10 rally. The move lower signals scope for a continuation towards 1.3515, the Feb 22 low and 1.3491, the 61.8% retracement. On the upside, initial resistance is seen at 1.3663, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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