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(H3)‌‌ Support Remains Exposed

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Recovers Within Its Range

  • RES 4: 1.2419 High Apr 27
  • RES 3: 1.2351 High May 4 and a key near-term resistance
  • RES 2: 1.2271 50-day EMA
  • RES 1: 1.2142/2203 High May 27 / High May 6
  • PRICE: 1.2121 @ 06:52 BST Jun 4
  • SUP 1: 1.2007 Low May 18
  • SUP 2: 1.2000 Psychological round number
  • SUP 3: 1.1920 Low May 2015
  • SUP 4: 1.1836 2.0% 10-dma envelope

USDCAD traded higher yesterday but is still trading within its recent range. Trend conditions remain bearish. The pair printed a new trend low of 1.2007 Tuesday, extending the downtrend. USDCAD continues to erode major support at 1.2062, Sep 2017 low. This level represents an important pivot point marking either the base of a broad range or the midpoint of a double top reversal. Initial firm resistance is at 1.2203, May 13 high.

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