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Corrective Cycle Still In Play

  • RES 4: 1.4000 Psychological round number
  • RES 3: 1.3977 High Oct 13
  • RES 2: 1.3898 High Oct 14
  • RES 1: 1.3814/3862 High Mar 15 / 10 and the bull trigger
  • PRICE: 1.3726 @ 08:20 GMT Mar 27
  • SUP 1: 1.3631 Low Mar 23
  • SUP 2: 1.3595 50-day EMA
  • SUP 3: 1.3515 Low Feb 22
  • SUP 4: 1.3442 Low Feb 20 / 21

The recent move lower in USDCAD is still considered corrective and this has allowed a recent overbought condition to unwind. A key support area to watch lies at 1.3595, the 50-day EMA. A clear break of the average would signal scope for a deeper corrective pullback. On the upside, the bull trigger is at 1.3862, the Mar 10 high. Clearance of this level would resume the uptrend and open 1.3977, the Oct 13 high.

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