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False Break Higher

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
  • RES 1: 1.2634 2.0% Upper Bollinger Band
  • PRICE: 1.2493 @ 17:56 BST Apr 21
  • SUP 1: 1.2460 Low Apr 21
  • SUP 2: 1.2414 1.0% 10-dma envelope
  • SUP 3: 1.2365 Low Mar 18 and the bear trigger
  • SUP 4: 1.2251 Low Jan 31 2018

After a tumultuous session in which USDCAD briefly showed above the short-term bull trigger, prices reversed sharply to reject any test on the 100-dma to the upside and, instead, refocus the downside argument. This makes a near-term test of the key bear trigger at March 18th low of 1.2365 more likely. A break through here would initially eye 1.2251 - new multi-year lows.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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