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Trend Structure Remains Bullish

USDCAD TECHS
  • RES 4: 1.3338 38.2% of the 2020 - 2021 bear leg
  • RES 3: 1.3192 1.00 proj of the Apr 5 - May 12 - Jun 8 price swing
  • RES 2: 1.3113 High Nov 23 2020
  • RES 1: 1.3079 High May 17 and a bull trigger
  • PRICE: 1.2980 @ 07:26 BST Jun 24
  • SUP 1: 1.2906 Low Jun 21
  • SUP 2: 1.2861/53 Low Jun 16 / 20-day EMA
  • SUP 3: 1.2791 50-day EMA
  • SUP 4: 1.2681 Low Jun 10

The USDCAD outlook is bullish and price continues to trade closer to its recent highs. The pair cleared 1.3000 on Jun 17 and the rally also resulted in a print above key resistance at 1.3077, the May 16 high and a bull trigger. A clear breach of 1.3077 would confirm a resumption of the uptrend and signal scope for strength towards 1.3113, the Nov 23 2020 high. Initial firm support is at 1.2853, the 20-day EMA.

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