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Bull Rally Last Week Highlights A Short-Term Uptrend

USDCAD TECHS
  • RES 4: 1.3695 High Mar 28
  • RES 3: 1.3668 High Apr 28 and key resistance
  • RES 2: 1.3640 High May 3
  • RES 1: 1.3568 High May 15
  • PRICE: 1.3478 @ 08:04 BST May 16
  • SUP 1: 1.3459 Low May 15
  • SUP 2: 1.3363/15 Low May 11 / 8
  • SUP 3: 1.3302 Low Apr 14 and a key near-term support
  • SUP 4: 1.3275 Low Feb 14

A strong rally in USDCAD last week has eased recent bearish pressure and the pair has traded through the 50-day EMA, at 1.3517. A clear break of this average would be seen as a short-term bullish development and signal scope for a climb towards resistance at 1.3668, the Apr 28 high. Key support lies at 1.3302, the Apr 14 low, where a break is required to reinstate the recent bearish theme.

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