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Eyeing Key Resistance

USDCAD TECHS
  • RES 4: 1.3024 38.2% retracement of the Mar ‘20 - Jan ‘21 bear cycle
  • RES 3: 1.2964 High Dec 20 and a key resistance
  • RES 2: 1.2924 High Dec 22
  • RES 1: 1.2901 High Mar 8 and key near-term resistance
  • PRICE: 1.2841 @ 08:09 GMT Mar 15
  • SUP 1: 1.2753/2694 20-day EMA / Low Mar 11
  • SUP 2: 1.2587 Low Mar 3
  • SUP 3: 1.2552 76.4% retracement of the Jan 19 - Feb 24 rally
  • SUP 4: 1.2499 Low Jan 21

USDCAD is fimer this morning. The pair has recovered from Friday’s low of 1.2694 and this level is seen as a key short-term support. The recovery once again refocuses attention on resistance at 1.2901, Mar 8 high where a break would confirm a resumption of the underlying uptrend and open 1.2964, the Dec 20 high. Moving averages continue to suggest the trend remains up. A break of 1.2694 would alter the short-term picture.

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