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Directional Triggers Defined

USDCAD TECHS
  • RES 4: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 3: 1.3661 High Nov 27
  • RES 2: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3606 High Feb 28 and the bull trigger
  • PRICE: 1.3524@ 07:56 GMT Mar 18
  • SUP 1: 1.3420 Low Mar 8 and the bear trigger
  • SUP 2: 1.3359 Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

USDCAD short-term conditions remain bearish, however, a continuation of the latest recovery would undermine this theme and expose key resistance at 1.3606, Feb 28 high. Clearance of this level would resume the uptrend that has been in place since December 27. For bears, a move below 1.3420, Mar 8 low, would instead resume bearish activity and open 1.3359, Jan 31 low. 1.3606 and 1.3420 are seen as important directional triggers.

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