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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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DOLLAR-CANADA: TECHS: Recovering Nicely
*RES 3: 1.4198 High Apr 23
*RES 2: 1.4121 High Apr 27
*RES 1: 1.4103 High May 1
*PRICE: 1.4085 @ 16:41 BST May 1
*SUP 1: 1.3930 Intraday low
*SUP 2: 1.3851 Low Apr 30 and bear trigger
*SUP 3: 1.3813 50.0% retracement of the rally between Jan 7 - Mar 19
During the Thursday session, USDCAD tested below but failed to convincingly
break the bear trigger at 1.3856, Apr 13 low. The subsequent bounce is
potentially an important bullish outcome in that the pair has also managed to
find support at the 50-day EMA around 1.3896. Even though price traded through
the average, an inability to extend the downside so far is a bullish signal. A
climb would open 1.4121, Apr 27 next. Key support and the bear trigger has been
defined at 1.3851.

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