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FI Support Evaporates Amid Late Month End Selling


Remains Vulnerable


Late Risk Off Sees USDCAD Eye Cycle Highs


BLOCK, Late Puts

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(M2)‌‌ Heading South

  • RES 4: 122-02 50-day EMA
  • RES 3: 122-12+ High Apr 4
  • RES 2: 121-09 High Apr 14 and a reversal point
  • RES 1: 119-22+/120-18+ 20-day EMA / High Apr 27
  • PRICE: 117-30 @ 11:15 BST May 6
  • SUP 1: 117-26 Low May 5
  • SUP 2: 117-22+ Low Nov 8 2018 (cont)
  • SUP 3: 116-28 0.764 proj of the Mar 7 - 28 - 31 price swing
  • SUP 4: 116.00 Round number support

Treasuries remain bearish and traded to a fresh cycle low on Thursday. Support at 118-08, Apr 22 low, has been cleared, confirming a resumption of the primary downtrend and an extension of lower lows and lower highs. Moving average studies remain in a bear mode, reinforcing current conditions. Sights are on 117-22+ next, the low from Nov 8 2018. Key short-term resistance is unchanged at 120-18+, Apr 27 high.

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