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Trading Well Above The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.2419 High Apr 27
  • RES 3: 1.2378 2.0% 10-dma envelope
  • RES 2: 1.2351 High May 4 and a key near-term resistance
  • RES 1: 1.2346 High Jun 17
  • PRICE: 1.2345 @ 16:13 BST Jun 17
  • SUP 1: 1.2140 20-day EMA
  • SUP 2: 1.2057/2007 Low Jun 7 / Low May 18
  • SUP 3: 1.2000 Psychological round number
  • SUP 4: 1.1920 Low May 2015

USDCAD rallied Wednesday and gained further into the Thursday close. The pair this week cleared key resistance at 1.2203, May 6 high, cementing the near-term bounce and signalling scope for a stronger corrective recovery. The pair has also cleared the 50-day EMA, reinforcing current bullish conditions. This opens gains toward the near-term resistance at 1.2351, May 4 high and the 2.0% 10-dma envelope at 1.2378. Initial support is at 1.2140, the 20-day EMA.

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