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Bullish Rally

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135 High Jul 15
  • RES 2: 1.2991/3038 3.0% Upper Bollinger Band / High Jul 18
  • RES 1: 1.2985 High Aug 5
  • PRICE: 1.2925 @ 08:08 BST Aug 16
  • SUP 1: 1.2862/2748 50-day EMA / 200-dma
  • SUP 2: 1.2728 Low Aug 11
  • SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 4: 1.2592 2.0% 10-dma envelope

USDCAD has reversed course and yesterday’s rally highlights a possible reversal of the recent bearish cycle. A continuation higher would expose resistance at 1.2985, the Aug 5 high and the next key short-term resistance. Clearance of this level would strengthen bullish conditions. On the downside, a 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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