May 28, 2024 20:00 GMT
Support Is Intact But Remains Exposed
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: 1.3748/85 61.8% of the Apr 16 - Mar 16 bear leg / High Apr 30
- PRICE: 1.3636 @ 16:43 BST May 28
- SUP 1: 1.3590 Low May 16 and the bear trigger
- SUP 2: 1.3547 Low Apr 9
- SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
- SUP 4: 1.3478 Low Apr 4
A bullish trend condition in USDCAD remains intact and for now a short-term pullback is considered corrective. Key supports at 1.3642, the 50-day EMA, and 1.3610, the May 3 low, have recently been pierced. A clear break of both levels is required to threaten the bullish theme and this would signal scope for a deeper retracement. For bulls, a resumption of gains would refocus attention on the bull trigger at 1.3846, the Apr 16 high.
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