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Breaches Key Short-Term Resistance

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135 High Jul 15
  • RES 2: 1.3035 61.8% retracement of the Jul 14 - Aug 11 downleg
  • RES 1: 1.3009/3012 High Aug 19 / 3.0% Upper Bollinger Band
  • PRICE: 1.2990 @ 17:32 BST Aug 19
  • SUP 1: 1.2881 Low Aug 18
  • SUP 2: 1.2828/2754 Low Aug 17 / 200-dma
  • SUP 3: 1.2728 Low Aug 11 and key support
  • SUP 4: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg

USDCAD ended last week on a firm note and traded higher Friday. Attention is on resistance at 1.2985, the Aug 5 high and a key short-term hurdle for bulls. This has been breached, strengthening bullish conditions. The focus is on 1.3035, a Fibonacci retracement. On the downside, key support has been defined at 1.2728, the Aug 11 low where a break would reinstate a bearish threat and also highlight a breach of the 200-dma.

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