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Support At The 50-Day EMA Remains Intact

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance
  • RES 3: 1.3899 High Nov 1 and a key resistance
  • RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
  • RES 1: 1.3785 High Apr 30
  • PRICE: 1.3687 @ 16:21 BST May 3
  • SUP 1: 1.3622 50-day EMA
  • SUP 2: 1.3610 Low May 3
  • SUP 3: 1.3547 Low Apr 9
  • SUP 4: 1.3478 Low Apr 4

Despite the latest pullback in USDCAD, a bullish trend condition remains intact for now and the move lower appears to be a correction. The pair has recently cleared 1.3614, the Mar 19, 22, 25 and 29 highs, strengthening a bullish theme. Note too, that moving average studies are in a bull-mode position. Key support to watch is 1.3622, 50-day EMA. This average has today been pierced, but remains intact as a support.

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  • RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance
  • RES 3: 1.3899 High Nov 1 and a key resistance
  • RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
  • RES 1: 1.3785 High Apr 30
  • PRICE: 1.3687 @ 16:21 BST May 3
  • SUP 1: 1.3622 50-day EMA
  • SUP 2: 1.3610 Low May 3
  • SUP 3: 1.3547 Low Apr 9
  • SUP 4: 1.3478 Low Apr 4

Despite the latest pullback in USDCAD, a bullish trend condition remains intact for now and the move lower appears to be a correction. The pair has recently cleared 1.3614, the Mar 19, 22, 25 and 29 highs, strengthening a bullish theme. Note too, that moving average studies are in a bull-mode position. Key support to watch is 1.3622, 50-day EMA. This average has today been pierced, but remains intact as a support.