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Gains Considered Corrective

USDCAD TECHS
  • RES 4: 1.2749 High Feb 26 and the bull trigger
  • RES 3: 1.2700 High Mar 8
  • RES 2: 1.2625 High Mar 11
  • RES 1: 1.2548 High Mar 19
  • PRICE: 1.2514 @ 17:35 GMT Mar 22
  • SUP 1: 1.2462 Low Mar 19 and the bear trigger
  • SUP 2: 1.2365 Low Mar 18
  • SUP 3: 1.2336 1.00 proj of the Jan 28 - Feb 25 - Feb 26 price swing
  • SUP 4: 1.2278 Trendline Drawn From May 2015 Low

USDCAD remains vulnerable despite gains Thursday / Friday. The pair last week cleared key support at 1.2468, Feb 25 low and a recent bear trigger. This confirms a resumption of the underlying downtrend and maintains the bearish price sequence of lower lows and lower highs. A break of 1.2365, Mar 18 low would open 1.2279, a trendline drawn off the May 2015 low. On the upside, initial resistance is at 1.2548, Mar 19 high.

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

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