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Strong Bullish Reversal

  • RES 4: 1.3077 High May 16 and the bull trigger
  • RES 3: 1.2982 High May 16
  • RES 2: 1.2945 76.4% retracement of the May 12 - Jun 8 sell-off
  • RES 1: 1.2901 Intraday high
  • PRICE: 1.2883 @ 08:09 BST Jun 14
  • SUP 1: 1.2720 20-day EMA
  • SUP 2: 1.2518 Low Jun 8 and key support
  • SUP 3: 1.2459 Low Apr 21
  • SUP 4: 1.2403 Low Apr 5 and key support

A sharp rally in USDCAD last week extended Monday, cementing the recent short-term reversal. Key near-term support has been defined at 1.2518, the Jun 8 low. The extension higher has resulted in a test of resistance at 1.2896, the May 19 high. Sights are on a Fibonacci retracement at 1.2945, where a break would open key resistance at 1.3077, the May 16 high. Initial firm support is at 1.2720, the 20-day EMA.

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