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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Bullish Retracement

  • RES 4: 1.2749 High Feb 26 and the bull trigger
  • RES 3: 1.2700 High Mar 8
  • RES 2: 1.2650 50-day EMA
  • RES 1: 1.2603 Intraday high
  • PRICE: 1.2588 @ 06:57 GMT Mar 24
  • SUP 1: 1.2516 Low Mar 23
  • SUP 2: 1.2462 Low Mar 19
  • SUP 3: 1.2365 Low Mar 18 and the bear trigger
  • SUP 4: 1.2336 1.00 proj of the Jan 28 - Feb 25 - Feb 26 price swing

The USDCAD recovery remains intact and the pair has edged higher again today. Recent gains are considered corrective however the continued push higher does suggest scope for a stronger short-term recovery. The pair has cleared the 20-day EMA and attention turns to the 50-day EMA at 1.2650. On the downside, firm support is seen at 1.2462, Mar 19 low. A break would expose key support at 1.2365.

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