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Support Remains Exposed

USDCAD TECHS
  • RES 4: 1.3745 High Mar 27
  • RES 3: 1.3695 High Mar 28
  • RES 2: 1.3617 High Mar 29
  • RES 1: 1.3558 50-day EMA
  • PRICE: 1.3425 @ 07:23 BST Apr 13
  • SUP 1: 1.3407/04 Low Apr 7 / 76.4% of the Feb 2 - Mar 10 rally
  • SUP 2: 1.3358 Low Feb 16
  • SUP 3: 1.3334 Low Feb 15
  • SUP 4: 1.3262 Low Feb 2 and a key support

The outlook in USDCAD remains bearish and recent short-term gains appear to have been a correction. The pair continues to trade below the 50-day EMA and sights are on the recent low of 1.3407 (Apr 4) and 1.3404, a Fibonacci retracement. A break of these two support points would expose 1.3358, the Feb 16 low. Initial firm resistance is seen at 1.3558, the 50-day EMA. A clear breach of this EMA is required to suggest a possible reversal

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