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Probes Key Short-Term Resistance

USDCAD TECHS
  • RES 4: 1.3024 38.2% retracement of the Mar ‘20 - Jan ‘21 bear cycle
  • RES 3: 1.2964 High Dec 20 and a key resistance
  • RES 2: 1.2924 High Dec 22
  • RES 1: 1.2901 High Mar 8
  • PRICE: 1.2879 @ 06:46 GMT Mar 9
  • SUP 1: 1.2707 50-day EMA
  • SUP 2: 1.2587 Low Mar 3
  • SUP 3: 1.2552 76.4% retracement of the Jan 19 - Feb 24 rally
  • SUP 4: 1.2499 Low Jan 21

USDCAD maintains this week’s bullish tone and is holding onto its gains. The climb threatens the recent bearish theme and attention has turned to the key near-term resistance of 1.2878, the Feb 24 high that has been probed. Clearance of this level would be seen as a bullish short-term development and open 1.2964, the Dec 20 high and a key resistance. Weakness below 1.2587 is required to reinstate a bearish threat.

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