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  • RES 4: 1.2881 High Jan 28
  • RES 3: 1.2807/46 High Jul 19 / 1.236 proj of Jun 1 - 21- 23 swing
  • RES 2: 1.2730 High Jul 20
  • RES 1: 1.2607 High Jul 23
  • PRICE: 1.2499 @ 17:06 BST Aug 05
  • SUP 1: 1.2421 50-day EMA
  • SUP 2: 1.2407 50.0% retracement of the Jun 1 - Jul 19 rally
  • SUP 3: 1.2313 61.8% retracement of the Jun 1 - Jul 19 rally
  • SUP 4: 1.2253 Low Jun 23

USDCAD faded further Thursday, taking out support at the 1.2500 handle, but steering clear of key levels down at the 1.2421 50-day EMA. This reverses the positivity evident in the rise up toward last week's highs at 1.2605, which markets need to top to initiate any further rally. A rise through here opens initial resistance at 1.2607, Jul 23 high. A break of this level would signal the resumption of bullish activity. To the downside, attention is on the 50-day EMA that intersects at 1.2421. A clear breach of the average is needed to strengthen the current downward cycle.