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Over-Arching USD Weakness Buoys Energy, Metals

US TSYS/SUPPLY

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  • RES 4: 1.2653 High Apr 21 and a key resistance
  • RES 3: 1.2535 High Apr 22
  • RES 2: 1.2501 76.4% retracement of the Apr 21 - Jun 1 sell-off
  • RES 1: 1.2403 High Jun 22
  • PRICE: 1.2339 @ 16:57 BST Jun 24
  • SUP 1: 1.2255/53 50-day EMA / Low Jun 23
  • SUP 2: 1.2224 20-day EMA
  • SUP 3: 1.2157 Low Jun 16
  • SUP 4: 1.2057/2007 Low Jun 7 / Low May 18

The USDCAD pullback this week is considered corrective and a bullish theme remains intact. The recent break of 1.2203, May 6 high confirmed a S/T reversal and the pair has also cleared the 50-day EMA, reinforcing bullish conditions. The focus is on 1.2501, a Fibonacci retracement. A break would open 1.2653, high Apr 21 and an important resistance. Initial support is seen at 1.2255, the 50-day EMA, which the pair tested, but failed to break through.