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Directional Triggers Remain Intact

USDCAD TECHS
  • RES 4: 1.2749 High Feb 26 and key resistance
  • RES 3: 1.2700 High Mar 8
  • RES 2: 1.2653 High Apr 21 and the bull trigger
  • RES 1: 1.2547 20-day EMA
  • PRICE: 1.2471 @ 20:10 BST Apr 23
  • SUP 1: 1.2460 Low Apr 21
  • SUP 2: 1.2409 1.0% 10-dma envelope
  • SUP 3: 1.2365 Low Mar 18 and the bear trigger
  • SUP 4: 1.2251 Low Jan 31 2018

USDCAD traded in a volatile manner Apr 21, briefly probing the recent short-term bull trigger of 1.2647, Mar 30 high before reversing sharply. Directional triggers have been defined at 1.2653 and 1.2460, the high / low prints on Apr 30. A break of support would signal scope for a deeper pullback and expose the key bear trigger at 1.2365, Mar 18 low. For bulls, clearance of 1.2653 is needed to instead signal a stronger bullish reversal.

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