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Eyeing Key Short-Term Resistance

  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3730 76.4% retracement of the Mar 10 - Apr 14 low
  • RES 2: 1.3695 High Mar 28
  • RES 1: 1.3668 High Apr 28 and key resistance
  • PRICE: 1.3640 @ 08:03 BST May 31
  • SUP 1: 1.3539 20-day EMA
  • SUP 2: 1.3485/3404 Low May 23 / 16
  • SUP 3: 1.3363/15 Low May 11 / 8
  • SUP 4: 1.3302 Low Apr 14 and a key near-term support

USDCAD bullish conditions remain intact and the latest pullback is considered corrective. Sights are set on resistance at 1.3668, the Apr 28 high and a key level. Clearance of this hurdle would strengthen the case for bulls and pave the way for a move towards 1.3695, the Apr 28 high. On the downside, initial firm support lies at 1.3485, the May 23 low. A break of this level would signal a potential short-term reversal.

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