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Maintains A Bearish Tone

USDCAD TECHS
  • RES 4: 1.3427 High Jun 7
  • RES 3: 1.3386/87 50.0% of the May 26 - Jun 27 downleg / High Jul 7
  • RES 2: 1.3378 50-dma
  • RES 1: 1.3304 High Jul 10
  • PRICE: 1.3220 @ 08:08 BST Jul 12
  • SUP 1: 1.3200 Intraday low
  • SUP 2: 1.3117 Low Jun 27 and the bear trigger
  • SUP 3: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 4: 1.3032 1.764 proj of the Apr 28 - May 8 - May 26 price swing

USDCAD reversed course last Friday and remains weaker. The move lower on Jul 7, highlights a strong bearish pattern - an engulfing candle. This week’s follow through reinforces the pattern and suggests scope for a continuation lower near-term. The print below 1.3203, the Jul 4 low opens 1.3117, the Jun 27 low and a bear trigger. Key short-term resistance has been defined at 1.3387, the high on Jul 7.

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