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Trading Closer To Its Recent Highs

  • RES 4: 1.3655 High May 26 and a key resistance
  • RES 3: 1.3585 High Jun 1
  • RES 2: 1.3523 76.4% retracement of the May 26 - Jul 14 downleg
  • RES 1: 1.3502 High Aug 8
  • PRICE: 1.3469 @ 16:11 BST Aug 14
  • SUP 1: 1.3364 Low Aug 8
  • SUP 2: 1.3322 20-day EMA
  • SUP 3: 1.3266 Low Aug 2
  • SUP 4: 1.3151 Low Jul 31

USDCAD short-term conditions remain bullish and the pair continues to trade closer to its recent highs. Last week’s gains resulted in a breach of key short-term resistance at 1.3387, the Jul 7 high. The break strengthens bullish conditions and paves the way for a climb towards 1.3523, a Fibonacci retracement point. Key support has been defined at 1.3093, the Jul 14 low. Initial firm support to watch is 1.3322, the 20-day EMA.

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