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Corrective Cycle Likely To Extend

USDCAD TECHS
  • RES 4: 1.2711 76.4% retracement of the Mar 8 - Apr 5 bear leg
  • RES 3: 1.2699 High Mar 17
  • RES 2: 1.2631 50-day EMA
  • RES 1: 1.2619/21 High Apr 8 / 200 DMA
  • PRICE: 1.2593 @ 07:01 BST Apr 11
  • SUP 1: 1.2479 Low Apr 6
  • SUP 2: 1.2403/2386 Low Apr 5 / 1.0% 10-dma envelope
  • SUP 3: 1.2387 Low Nov 10 2021
  • SUP 4: 1.2328 Low Oct 29 2021

USDCAD recovered last week from its recent lows and maintains a firmer tone. Price action on Apr 5, in Japanese candlestick terms, is a long-legged doji. This is a short-term reversal signal and suggests scope for an extension of the current correction. Attention is on the 50-day EMA, at 1.2628 - a key resistance. The broader trend remains down though and a reversal lower would open key support and the bear trigger at 1.2403, Apr 5 low.

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