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Fades Off 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
  • PRICE: 1.2828 @ 17:46 GMT Mar 9
  • SUP 1: 1.2707 50-day EMA
  • 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

The previously bullish tone in USDCAD faded Wednesday, with prices returning lower. The climb earlier in the week threatened the recent bearish theme, but prices faded ahead of key near-term resistance at 1.2878, the Feb 24 high that has been probed. Clearance of this level would be seen as a bullish short-term development and open 1.2964, the Dec 20 high and a key resistance. Weakness below 1.2587 is required to reinstate a bearish threat.

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