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Remains Above Support

  • RES 4: 1.2653 High Apr 21 and a key resistance
  • RES 3: 1.2535 High Apr 22
  • RES 2: 1.2487/2501 High Jun 21 / 76.4% of Apr 21 - Jun 1 sell-off
  • RES 1: 1.2403 High Jun 22
  • PRICE: 1.2340 @ 06:45 BST Jun 29
  • SUP 1: 1.2259/53 50-day EMA / Low Jun 23
  • SUP 2: 1.2239 20-day EMA
  • SUP 3: 1.2157 Low Jun 16
  • SUP 4: 1.2057/2007 Low Jun 7 / Low May 18

The recent USDCAD pullback is considered corrective and a bullish theme dominates. 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. Attention is on 1.2501, a Fibonacci retracement. A break would open 1.2653, Apr 21 high and an important resistance. Initial support is seen at 1.2253, Jun 23 low. Note the 50-day EMA at 1.2262 also marks support.

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