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CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Trades Through Support

USDCAD TECHS
  • RES 4: 1.2749 High Feb 26 and key resistance
  • RES 3: 1.2700 High Mar 8
  • RES 2: 1.2653 High Apr 21 and the bull trigger
  • RES 1: 1.2541 20-day EMA
  • PRICE: 1.2461 @ 06:47 BST Apr 26
  • SUP 1: 1.2433 76.4% retracement of the Mar 18 - Apr 21 rally
  • SUP 2: 1.2404 1.0% 10-dma envelope
  • SUP 3: 1.2365 Low Mar 18 and the bear trigger
  • SUP 4: 1.2251 Low Jan 31 2018

USDCAD is softer. The pair has traded below 1.2460, Apr 21 low, extending the pullback from last week's high of 1.2653 on Apr 21. The move lower paves the way for weakness towards 1.2433, 76.4% of the rally between Mar 18 - Apr 21. A break of this level would open 1.2365, Mar 18 low and the bear trigger. Initial resistance is at 1.2541, the 20-day EMA. For bulls, clearance of 1.2653 is needed to signal a bullish reversal.

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