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CAD/SGD has remained heavy since the RSI ground below the 70 threshold in mid-March, but the rate hit a bump in the road as it pulled back from cycle highs. The 23.6% retracement of the Mar 18, 2020 - Mar 18, 2021 rally/round figure at SGD1.0607/00 provided a layer of support, limiting losses on Apr 7. The nearby presence of the ascending 50-DMA at SGD1.0590 added significance to those levels. The rate charted a hammer candlestick pattern after moving away from there.
- The pair has shed 9 pips and now changes hands at SGD1.0661. A clean break below the aforementioned SGD1.0607/00 area and the nearby 50-DMA at SGD1.0590 would represent an important bearish development, clearing the way to the 100-DMA at SGD1.0494.
- Bulls need a break above Apr 2 high of SGD1.0730 to gain some initial momentum before targeting the recent cycle high of SGD1.0834, printed on Mar 18.
Fig. 1: CAD/SGD
Source: MNI - Market News/Bloomberg