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Through Bear Trigger

USDCAD TECHS
  • RES 4: 1.3386/87 50.0% of the May 26 - Jun 27 downleg / High Jul 7
  • RES 3: 1.3370 50-dma
  • RES 2: 1.3304 High Jul 10
  • RES 1: 1.3266 20-day EMA
  • PRICE: 1.3121 @ 16:11 BST Jul 13
  • SUP 1: 1.3114 1.0% 10-dma envelope
  • SUP 2: 1.3107 Low Jul 13
  • SUP 3: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 4: 1.3032 1.764 proj of the Apr 28 - May 8 - May 26 price swing

USDCAD accelerated losses on the move through the bear trigger at 1.3117. This shifts the short- and medium-term picture more bearish, opening losses toward 1.3084 initially as well as 1.3032. The 1.0% 10-dma envelope has been pierced for the first time since mid-June, signalling the extent of the current downside momentum. The bearish engulfing candle on Jul 7 continues to highlight a reversal. Initial firm resistance is seen at 1.3266, the 20-day EMA.

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