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Shows Above 50-Day EMA Key Resistance

USDCAD TECHS
  • RES 4: 1.3427 High Jun 7
  • RES 3: 1.3387 High Jul 7 and a key resistance
  • RES 2: 1.3282 50-day EMA
  • RES 1: 1.3318 76.4% Retracement July Downleg
  • PRICE: 1.3296 @ 16:53 BST Aug 1
  • SUP 1: 1.3151/3093 Low Jul 31 / 14 and the bear trigger
  • SUP 2: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 3: 1.3032 1.764 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 4: 1.2992 50.0% retracement of the 2021 - 2022 bull leg

USDCAD traded lower Monday, but has reversed higher into the Tuesday close, resulting in a show above the 50-day EMA resistance. Moving average studies still highlight a dominant downtrend, however further strength here would suggest a firmer upside reversal is in play. On any return lower, clearance of 1.3093 would confirm a resumption of the medium-term bear cycle. This would open 1.3084 and 1.3032, Fibonacci projection points.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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