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Resistance Remains Exposed

USDCAD TECHS
  • RES 4: 1.3855 High Nov 10 2023
  • RES 3: 1.3765 High Nov 22 2023
  • RES 2: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3661 High Nov 27 2023
  • PRICE: 1.3582 @ 16:38 BST Apr 8
  • SUP 1: 1.3478/20 Low Apr 4 / Low Mar 8 and the bear trigger
  • SUP 2: 1.3359 Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

A bull cycle in USDCAD remains in play and Friday’s gains reinforce this condition. The pair has pierced an important resistance and congestion at 1.3614, the Mar 19, 22, 25 and 29 high. A clear break of this hurdle would confirm a resumption of the uptrend that started late December last year. 1.3623, 61.8% of the Nov 1 - Dec 27 bear leg, has also been tested, a break would open 1.3661, the Nov 27 ‘23 high. 1.3478 is first support, the Apr 4 low.

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