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Bull Rally Likely To Extend

USDCAD TECHS
  • RES 4: 1.2843 76.4% retracement of the Dec 20 - Jan 19 sell-off
  • RES 3: 1.2814 High Jan 6 and a key resistance
  • RES 2: 1.2768 61.8% retracement of the Dec 20 - Jan 19 sell-off
  • RES 1: 1.2748 High Jan 27 / Intraday high
  • PRICE: 1.2717 @ 06:40 GMT Jan 28
  • SUP 1: 1.2636/2560 20-day EMA / Low Jan 264
  • SUP 2: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
  • SUP 3: 1.2387 Low Nov 10
  • SUP 4: 1.2328 Low Oct 29

USDCAD resumed this week’s climb Thursday as the pair extended its recovery from 1.2451, Jan 19 low. Price has traded above the 50-day EMA and the clear break of this average, at 1.2653, has exposed 1.2768, a Fibonacci retracement level. On the downside, initial firm support lies at Wednesday’s intraday low of 1.2560. Key support has been defined at 1.2451, Jan 19 low and this level marks the bear trigger.

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