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Corrective Pullback Extends

USDCAD TECHS
  • RES 4: 1.3173 High Nov 13 2020 and 2.0% 10-dma envelope
  • RES 3: 1.3091 High Nov 24 2020
  • RES 2: 1.3077 High May 16 and the bull trigger
  • RES 1: 1.2982 High May 16
  • PRICE: 1.2811 @ 06:59 BST May 18
  • SUP 1: 1.2751 50-day EMA
  • SUP 2: 1.2714 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 maintains a short-term bearish tone. A pullback is still considered corrective though and the broader 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 medium-term bullish development and reinforces the positive outlook, opening 1.3177 next. Key support is at 1.2714, May 5 low.

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  • RES 4: 1.3173 High Nov 13 2020 and 2.0% 10-dma envelope
  • RES 3: 1.3091 High Nov 24 2020
  • RES 2: 1.3077 High May 16 and the bull trigger
  • RES 1: 1.2982 High May 16
  • PRICE: 1.2811 @ 06:59 BST May 18
  • SUP 1: 1.2751 50-day EMA
  • SUP 2: 1.2714 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 maintains a short-term bearish tone. A pullback is still considered corrective though and the broader 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 medium-term bullish development and reinforces the positive outlook, opening 1.3177 next. Key support is at 1.2714, May 5 low.