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Focus Is On Resistance

USDCAD TECHS
  • RES 4: 1.2763 High Feb 12
  • RES 3: 1.2749 High Feb 26 and key resistance
  • RES 2: 1.2700 High Mar 8
  • RES 1: 1.2647 High Mar 30 and the short-term bull trigger
  • PRICE: 1.2560 @ 17:07 BST Apr 12
  • SUP 1: 1.2502 Low Apr 5 and key near-term support
  • SUP 2: 1.2462 Low Mar 19
  • SUP 3: 1.2365 Low Mar 18 and the bear trigger
  • SUP 4: 1.2336 1.00 proj of the Jan 28 - Feb 25 - Feb 26 price swing

The USDCAD outlook remains bullish following the recent recovery from 1.2502, Apr 5 low. Short-term trend signals continue to point north and attention is on resistance at 1.2647, Mar 30 high and the bull trigger. A break would confirm a resumption of the recovery that started Mar 18 and would open 1.2749, Feb 26 high. Key near-term support is 1.2502. Clearance of this level would instead signal the resumption of bearish activity.

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