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New August Lows

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3126/35 3.0% Upper Bollinger Band / High Jul 15
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.2985 High Aug 5
  • PRICE: 1.2774 @ 16:57 BST Aug 10
  • SUP 1: 1.2751 Low Aug 10
  • SUP 2: 1.2742 200-dma
  • SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 4: 1.2596 2.0% 10-dma envelope

The USDCAD outlook deteriorated further Wednesday, with the pair slipping sharply to print a fresh August low of 1.2751. The downtick saw support at 1.2763, Jun 13 low, give way and opens the 1.2742 200-dma and 1.2685, a Fibonacci retracement. On the upside, a breach of last Friday’s 1.2985 high is required to strengthen the case for bulls.

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