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Trades Below Key Support

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and a key resistance
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2871/2901 High Mar 15 / High Mar 8 and a key resistance
  • RES 1: 1.2710 20-day EMA
  • PRICE: 1.2592 @ 17:11 GMT Mar 22
  • SUP 1: 1.2565 Low Mar 21 and a near-term bear trigger
  • SUP 2: 1.2552 76.4% retracement of the Jan 19 - Feb 24 rally
  • SUP 3: 1.2499 Low Jan 21
  • SUP 4: 1.2454 Low Jan 19 and a key support

USDCAD remains soft, following last week’s reversal from 1.2871, the Mar 15 high. The USD has breached the Mar 3 low of 1.2587. This strengthens the current bearish theme and signals scope for a deeper pullback near-tem. Attention is on 1.2552 next, the 76.4% retracement of the Jan 19 - Feb 24 rally and a key short-term support. On the upside, initial resistance is seen at 1.2710, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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