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- RES 4: 1.2455 50-day EMA
- RES 3: 1.2419 High Apr 27
- RES 2: 1.2351 High May 4 and a key near-term resistance
- RES 1: 1.2194/2288 High May 7 / High May 6
- PRICE: 1.2146 @ 17:50 BST May 13
- SUP 1: 1.2046 Low May 12
- SUP 2: 1.2000 Psychological round number
- SUP 3: 1.1978 2.0% 10-dma envelope
- SUP 4: 1.1920 Low May 2015
USDCAD traded lower again mid-week as the bear cycle extends. This week's key technical development has been a test of the major support at 1.2062, Sep 2017 low. This represents an important pivot chart point that either represents the base of a broad range or the midpoint of a double top reversal pattern. A clear break lower would reinforce the current downtrend and open 1.2000 and below. Initial firm resistance is at 1.2194, May 7 high.