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Bull Cycle Remains In Play

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance
  • RES 3: 1.3899 High Nov 1 and a key resistance
  • RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
  • RES 1: 1.3785 High Apr 30
  • PRICE: 1.3762 @ 07:58 BST Jun 11
  • SUP 1: 1.3658/1.3590 50-day EMA / Low May 16 and the bear trigger
  • SUP 2: 1.3547 Low Apr 9
  • SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
  • SUP 4: 1.3478 Low Apr 4

USDCAD is holding on to its recent gains. The pair has breached resistance at 1.3748, 61.8% of the Apr 16 - Mar 16 bear leg. The trend outlook is bullish and last Friday’s gains are a positive development. A continuation higher would refocus attention on the bull trigger at 1.3846, Apr 16 high. Key support has been defined at 1.3590, the May 16 low. A clear break of this level would instead threaten a bullish theme and signal scope for a deeper retracement.

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