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Key Short-Term Resistance Remains Exposed

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4 2020
  • RES 3: 1.3192 1.00 proj of the Apr 5 - May 12 - Jun 8 price swing
  • RES 2: 1.3113 High Nov 23 2020
  • RES 1: 1.3084 High Jul 5
  • PRICE: 1.2999 @ 07:00 BST Jul 8
  • SUP 1: 1.2954 Intraday low
  • SUP 2: 1.2904 20-day EMA
  • SUP 3: 1.2836/19 50-day EMA / Low Jun 28 and key support
  • SUP 4: 1.2763 Low Jun 13

USDCAD remains bullish. The pair rallied sharply higher Tuesday and this reinforced S/T bullish conditions. Key support around the 50-day EMA has remained intact - the average intersects at 1.2836. Tuesday’s gains resulted in a print above resistance at 1.3079, the May 17 high and a bull trigger. A clear break would strengthen bullish conditions and open 1.3113, Nov 23 2020 high. A break of support at 1.2819, Jun 28 low, would alter the picture.

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