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Trend Needle Points North

USDCAD TECHS
  • RES 4: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 3: 1.3661 High Nov 27
  • RES 2: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3606 High Feb 28 and the bull trigger
  • PRICE: 1.3593 @ 08:04 GMT Mar 6
  • SUP 1: 1.3494 50-day EMA
  • SUP 2: 1.3441/3359 Low Feb 22 / Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

USDCAD conditions remain bullish and the pair is trading just below its recent highs. The recent print above resistance at 1.3586, the Feb 13 high and bull trigger is a positive development. A clear break of this level would confirm a resumption of the uptrend and open 1.3623 initially, a Fibonacci retracement. Key support lies at 1.3359, the Jan 31 low. Clearance of this level would be bearish. Initial firm support is at 1.3441, the Feb 22 low.

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