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Correction Extends

USDCAD TECHS
  • RES 4: 1.3517 High Mar 29
  • RES 3: 1.3554 High Apr 10
  • RES 2: 1.3528 50-day EMA
  • RES 1: 1.3487/89 20-day EMA/High Apr 20
  • PRICE: 1.3462 @ 16:41 BST Apr 20
  • SUP 1: 1.3385/3302 Low Apr 19 / 14 and the bear trigger
  • SUP 2: 1.3275 Low Feb 14
  • SUP 3: 1.3262 Low Feb 2 and a key support
  • SUP 4: 1.3226 Low Nov 15 2022

The downtrend in USDCAD is intact, however, the pair remains in a short-term corrective cycle for now and Thursday’s gains reinforce this theme. Resistance at 1.3487, the 20-day EMA, has been pierced, but resistance at 1.3528, the 50-day EMA, should prove firmer. A clear break of this zone is required to suggest a stronger reversal. On the downside, the bear trigger is 1.3302 - a break would resume the recent downtrend and open the 1.3262 key support, the Feb 2 low.

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