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Reversal From Friday’s High

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3791 2.0% 10-dma envelope
  • RES 2: 1.3695 High Mar 28
  • RES 1: 1.3668 High Apr 28
  • PRICE: 1.3545 @ 18:52 BST Apr 28
  • SUP 1: 1.3529 Low 20-day EMA
  • SUP 2: 1.3473 Low Apr 21
  • SUP 3: 1.3385/3302 Low Apr 19 / 14 and the bear trigger
  • SUP 4: 1.3275 Low Feb 14

USDCAD failed to hold on to Friday’s high of 1.3668. The strong reversal exposes support at 1.3529, the 20-day EMA. This represents an important short-term level where a break would highlight a stronger bearish threat, signalling scope for a deeper pullback and would open 1.3473, the Apr 21 low. On the upside, a recovery and break of 1.3668 is required to cancel a bearish threat and reinstate the recent bull cycle.

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