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Pullback Considered Corrective

USDCAD TECHS
  • RES 4: 1.3009 High Dec 1 2020
  • RES 3: 1.2964 High Dec 20 and a key resistance
  • RES 2: 1.2924 High Dec 22
  • RES 1: 1.2878 High Feb 24
  • PRICE: 1.2726 @ 19:53 GMT Feb 25
  • SUP 1: 1.2694/36 50-day EMA / Low Feb 10 and key S/T support
  • SUP 2: 1.2560 Low Jan 26
  • SUP 3: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
  • SUP 4: 1.2387 Low Nov 10

USDCAD traded higher Thursday and cleared resistance at 1.2797, the Jan 28 high and a key short-term resistance. The clear breach of this level strengthens bullish conditions and opens 1.2964, the Dec 20 high and the next key resistance. Clearance of this hurdle would significantly strengthen a bullish case. The pair however has pulled back but this is considered corrective, Key short-term support has been defined at 1.2636, Feb 10 low.

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