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Bears Still In Charge

USDCAD TECHS
  • RES 4: 1.2653 High Apr 21 and the bull trigger
  • RES 3: 1.2491 High Apr 26
  • RES 2: 1.2413 20-day EMA
  • RES 1: 1.2365/2419 Low Mar 18 / High Apr 27
  • PRICE: 1.2264 @ 06:44 BST May 6
  • SUP 1: 1.2252 Low May 5 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: 1.2105 2.0% 10-dma envelope

USDCAD is weak and touched a new multi-year low yesterday at 1.2252. This keeps the pair in bear mode following last week's move to fresh cycle lows. The break of 1.2365, Mar 18 low confirmed a resumption of the downtrend that has been in place since March 2020. MA studies are in a bear mode, reinforcing current trend conditions. The focus is on 1.2239, a Fibonacci projection. On the upside, initial resistance is at 1.2365/2419.

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