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Eyeing The M/T Bull Trigger

USDCAD TECHS
  • RES 4: 1.3024 38.2% retracement of the Mar ‘20 - Jun ‘21 downleg
  • RES 3: 1.3010 2.0% 10-dma envelope
  • RES 2: 1.2964 High Dec 20 2021 and a key bull trigger
  • RES 1: 1.2914 High May 2
  • PRICE: 1.2752 @ 20:09 BST May 4
  • SUP 1: 1.2719/2671 Low Apr 29 / 50-day EMA
  • SUP 2: 1.2568 Low Apr 22
  • SUP 3: 1.2459 Low Apr 21
  • SUP 4: 1.2403 Low Apr 5 and a key support

USDCAD slipped Wednesday, but the broader trend needle continues to point north. The pair traded higher Monday and probed resistance at 1.2901, Mar 8 high. The strong recovery from the Apr 29 low of 1.2719 reinforces a bullish theme. A clear break of 1.2901 would pave the way for a climb towards the Dec 20 2021 high of 1.2964 - a key medium-term bull trigger. On the downside, first support lies at 1.2719.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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