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Corrective Pullback Extends

USDCAD TECHS
  • RES 4: 1.3177 2.0% 10-dma envelope
  • RES 3: 1.3173 High Nov 13 2020
  • RES 2: 1.3091 High Nov 24 2020
  • RES 1: 1.2982/3077 Intraday high / High May 12
  • PRICE: 1.2839 @ 20:30 BST May 16
  • SUP 1: 1.2820 38.2% retracement of the Apr 5 - May 12 rally
  • SUP 2: 1.2745/14 50-day EMA / Low May 5 and a key support
  • SUP 3: 1.2568 Low Apr 22
  • SUP 4: 1.2459 Low Apr 21

USDCAD remains below last week’s high of 1.3077 and started the week on a bearish note. A pullback is considered corrective though and the outlook is bullish. Recent gains resulted in a breach of 1.2914, May 2 high, and 1.2964, the Dec 20 2021 high. The break of the latter marks an important M/T bullish development and reinforces the positive outlook. This has opened 1.3177 next, the upper band of a MA envelope. Key support is at 1.2714, Apr 29 low.

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  • RES 4: 1.3177 2.0% 10-dma envelope
  • RES 3: 1.3173 High Nov 13 2020
  • RES 2: 1.3091 High Nov 24 2020
  • RES 1: 1.2982/3077 Intraday high / High May 12
  • PRICE: 1.2839 @ 20:30 BST May 16
  • SUP 1: 1.2820 38.2% retracement of the Apr 5 - May 12 rally
  • SUP 2: 1.2745/14 50-day EMA / Low May 5 and a key support
  • SUP 3: 1.2568 Low Apr 22
  • SUP 4: 1.2459 Low Apr 21

USDCAD remains below last week’s high of 1.3077 and started the week on a bearish note. A pullback is considered corrective though and the outlook is bullish. Recent gains resulted in a breach of 1.2914, May 2 high, and 1.2964, the Dec 20 2021 high. The break of the latter marks an important M/T bullish development and reinforces the positive outlook. This has opened 1.3177 next, the upper band of a MA envelope. Key support is at 1.2714, Apr 29 low.