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- RES 4: 1.2653 High Apr 21
- RES 3: 1.2535 High Apr 22
- RES 2: 1.2501 High May 4 and a key near-term resistance
- RES 1: 1.2404/06 2.0% 10-dma env / 61.8% of Apr 21 - Jun1 sell-off
- PRICE: 1.2420 @ 15:46 BST Jun 18
- SUP 1: 1.2237 50-day EMA
- SUP 2: 1.2161 20-day EMA
- SUP 3: 1.2057/2007 Low Jun 7 / Low May 18
- SUP 4: 1.2000 Psychological round number
USDCAD is holding onto this week's gains following strong gains Wednesday and Thursday. The break of 1.2203, May 6 high has confirmed a S/T reversal and the pair has also cleared the 50-day EMA, reinforcing current bullish conditions. This opens up scope for a climb towards 1.2406 and 1.2501, Fibonacci retracements. Note the 2.0% 10-dma envelope intersects at 1.2404. On the downside, initial support is seen at 1.2237, the 50-day EMA.