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Resumes This Week’s Rally

USDCAD TECHS
  • RES 4: 1.2843 76.4% retracement of the Dec 20 - Jan 19 sell-off
  • RES 3: 1.2814 High Jan 6 and a key resistance
  • RES 2: 1.2768 61.8% retracement of the Dec 20 - Jan 19 sell-off
  • RES 1: 1.2732 High Jan 7
  • PRICE: 1.2721 @ 17:30 GMT Jan 27
  • SUP 1: 1.2625/2560 20-day EMA / Low Jan 264
  • SUP 2: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
  • SUP 3: 1.2387 Low Nov 10
  • SUP 4: 1.2328 Low Oct 29

USDCAD has resumed this week’s climb and is extending its recovery from 1.2451, Jan 19 low. Price has traded above the 50-day EMA and the clear break of this average, at 1.2650, has exposed 1.2768, a Fibonacci retracement level. On the downside, initial support lies at Wednesday’s intraday low of 1.2560. Key support has been defined at 1.2451, Jan 19 low and marks the bear trigger.

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