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Continues To Appreciate

  • RES 4: 1.3655 High May 26 and a key resistance
  • RES 3: 1.3585 High Jun 1
  • RES 2: 1.3528 High Aug 16
  • RES 1: 1.3523 76.4% retracement of the May 26 - Jul 14 downleg
  • PRICE: 1.3525 @ 17:16 BST Aug 16
  • SUP 1: 1.3413 Low Aug 11
  • SUP 2: 1.3351 20-day EMA
  • SUP 3: 1.3320 Low Aug 4
  • SUP 4: 1.3266 Low Aug 2

USDCAD short-term conditions remain bullish and the pair is trading higher. Attention is on 1.3523, a Fibonacci retracement point - a level pierced, but yet to be broken. Clearance of this level would strengthen current bullish conditions and pave the way for a climb towards 1.3585, the Jun 1 high. Initial firm support to watch is 1.3351, the 20-day EMA. A short-term pullback would be considered corrective and this would allow an overbought condition to unwind.

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