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Support Lies At The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3192 1.00 proj of the Apr 5 - May 12 - Jun 8 price swing
  • RES 3: 1.3113 High Nov 23 2020
  • RES 2: 1.3079 High May 17 and a bull trigger
  • RES 1: 1.2966/3017 High Jul 1 / High Jun 23
  • PRICE: 1.2846 @ 06:56 BST Jul 5
  • SUP 1: 1.2819/13 Low Jun 28 / 50-day EMA
  • SUP 2: 1.2732 61.8% retracement of the Jun 8 - 17 rally
  • SUP 3: 1.2681 Low Jun 10
  • SUP 4: 1.2518 Low Jun 8 and key support

The USDCAD outlook remains bullish and the pair is trading above last week’s low - for now. Price action on Jun 28 highlights a potential bullish reversal signal - a Japanese candle pattern known as a doji reversal is still valid. A stronger recovery would refocus attention on resistance at 1.3079 the Jun 17 and a bull trigger. A break would strengthen bullish conditions. Firm support lies at 1.2813, the 50-day EMA. A clear break would alter the picture.

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  • RES 4: 1.3192 1.00 proj of the Apr 5 - May 12 - Jun 8 price swing
  • RES 3: 1.3113 High Nov 23 2020
  • RES 2: 1.3079 High May 17 and a bull trigger
  • RES 1: 1.2966/3017 High Jul 1 / High Jun 23
  • PRICE: 1.2846 @ 06:56 BST Jul 5
  • SUP 1: 1.2819/13 Low Jun 28 / 50-day EMA
  • SUP 2: 1.2732 61.8% retracement of the Jun 8 - 17 rally
  • SUP 3: 1.2681 Low Jun 10
  • SUP 4: 1.2518 Low Jun 8 and key support

The USDCAD outlook remains bullish and the pair is trading above last week’s low - for now. Price action on Jun 28 highlights a potential bullish reversal signal - a Japanese candle pattern known as a doji reversal is still valid. A stronger recovery would refocus attention on resistance at 1.3079 the Jun 17 and a bull trigger. A break would strengthen bullish conditions. Firm support lies at 1.2813, the 50-day EMA. A clear break would alter the picture.