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Corrective Cycle Remains In Play

  • RES 4: 1.3427 High Jun 7
  • RES 3: 1.3376 50-day EMA
  • RES 2: 1.3355 High Jun 15
  • RES 1: 1.3277/86 20-day EMA / High Jun 29
  • PRICE: 1.3241 @ 16:13 BST Jul 3
  • SUP 1: 1.3190/3117 Low Jun 28 / 27 and key support
  • SUP 2: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 3: 1.2992 50.0% retracement of the Jun - Oct 2022 bull rally
  • SUP 4: 1.2954 Low Sep 13 2022

USDCAD is holding on to last week’s gains. The recent recovery appears to be a correction and the trend remains bearish. Looking at moving average studies, they remain in a bear mode position and this highlights a downtrend. A resumption of weakness would open 1.2992, a Fibonacci retracement. On the upside, firm resistance is seen at 1.3277, the 20-day EMA. It has been pierced, a clear break would expose the 50-day EMA, at 1.3376.

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