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Bulls Remains In The Driver’s Seat

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3727 2.0% 10-dma envelope
  • RES 2: 1.3648 61.8% retracement of the Mar 10 - Apr 14 bear leg
  • RES 1: 1.3626 High Apr 25
  • PRICE: 1.3617 @ 16:36 BST Apr 25
  • SUP 1: 1.3473 Low Apr 21
  • SUP 2: 1.3385/3302 Low Apr 19 / 14 and the bear trigger
  • SUP 3: 1.3275 Low Feb 14
  • SUP 4: 1.3262 Low Feb 2 and a key support

USDCAD rallied further Tuesday, taking out resistance at both 1.3582 as well as 1.3617. The new weekly high at 1.3626 sits just shy of the next major upside level at 1.3648, the 61.8% retracement of the Mar 10 - Apr 14 bear leg. This extends the pair’s clearance of 1.3527 resistance - the 50-day EMA. The clear break of this hurdle strengthens the current bull cycle and opens 1.3805 further out. For bears, a failure to hold above the 50-day EMA would signal the end of the correction and attention would turn to the key support at 1.3302, the Apr 14 low.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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