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Resumes Its Bear Trend

USDCAD TECHS
  • RES 4: 1.2763 High Feb 12
  • RES 3: 1.2749 High Feb 26 and the bull trigger
  • RES 2: 1.2700 High Mar 8
  • RES 1: 1.2625 High Mar 11
  • PRICE: 1.2481 @ 06:36 GMT Mar 16
  • SUP 1: 1.2441 Low Mar 15
  • SUP 2: 1.2350 2.0% 10-dma envelope
  • SUP 3: 1.2278 Trendline Drawn From May 2015 Low
  • SUP 4: 1.2251 Low Jan 31, 2018 and Key Support

USDCAD is consolidating but maintains a weaker tone. The pair has broken key support at 1.2468, Feb 25 low and the bear trigger. This confirms a resumption of the underlying downtrend and paves the way for weakness towards 1.2400 and below. Moving average conditions remain in a bear mode reinforcing current conditions. Key trend resistance has been defined at 1.2749, Feb 26 high.

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