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CORN TECHS

(Z1) Bearish Risk Remains Present

ECB

PEPP Purchases Pick Up

SOY TECHS

(X1) Fresh Lows

COPPER TECHS

(Z1) Heading South Within The Bear Channel

BRAZIL

Solution To Precatorios Still Sought After

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  • RES 4: 1.2881 High Jan 28
  • RES 3: 1.2807/46 High Jul 19 / 1.236 proj of Jun 1 - 21- 23 swing
  • RES 2: 1.2730 High Jul 20
  • RES 1: 1.2607 High Jul 23
  • PRICE: 1.2437 @ 16:39 BST Jul 29
  • SUP 1: 1.2428/20 Low Jul 14 / 50-day EMA
  • SUP 2: 1.2407 50.0% retracement of the Jun 1 - Jul 19 rally
  • SUP 3: 1.2313 61.8% retracement of the Jun 1 - Jul 19 rally
  • SUP 4: 1.2253 Low Jun 23

USDCAD traded lower Friday. The pair has breached immediate support at 1.2525, Jul 28 low and 1.2502, Jul 14 low. The break suggests scope for a deeper corrective pullback and attention is on the 50-day EMA that intersects at 1.2420. A clear breach of the average is needed to strengthen the current downward cycle. On the upside, initial resistance is at 1.2607, Jul 23 high. A break of this level would ease the bearish pressure.