USDCAD traded to a new cycle low Friday. Last week’s move lower and most recently, a break of 1.2552, 76.4% of the Jan 19 - Feb 24 rally, reinforces a bearish theme and signals scope for an extension lower. The focus is on the next key support at 1.2451, the Jan 19 low. On the upside, initial firm resistance is seen at 1.2651, the 20-day EMA. A break of this average would ease current bearish pressure.

Foreign Exchange Technical Analysis Homepage markets-real-time Bullet Markets Foreign Exchange News

Taso Anastasiou

Foreign Exchange Technical Analysis Homepage markets-real-time Bullet Markets Foreign Exchange News

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Key Support Remains Exposed