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Trading Lower

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3695 High Mar 28
  • RES 2: 1.3668 High Apr 28 and key resistance
  • RES 1: 1.3542/3640 High May 5 / 3
  • PRICE: 1.3493 @ 08:23 BST May 5
  • SUP 1: 1.3485 50.0% retracement of the Apr 14 - 28 rally
  • SUP 2: 1.3473 Low Apr 21
  • SUP 3: 1.3442 61.8% retracement of the Apr 14 - 28 rally
  • SUP 4: 1.3385 Low Apr 19

USDCAD is trading lower and has resumed the bear leg that started Apr 28. Note too that price has breached both the 20- and 50-day EMAs and this suggests scope for a deeper retracement. Sights are on 1.3485, a Fibonacci retracement and 1.3473, the Apr 21 low. On the upside, key resistance has been defined at 1.3668, the Apr 28 high. A break of this level is required to reinstate a bullish theme.

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