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Trips Bull Trigger

USDCAD TECHS
  • RES 4: 1.3024 38.2% retracement of the Mar ‘20 - Jun ‘21 downleg
  • RES 3: 1.2990 2.0% 10-dma envelope
  • RES 2: 1.2964 High Dec 20 2021
  • RES 1: 1.2910 High May 2
  • PRICE: 1.2909 @ 15:09 BST May 2
  • SUP 1: 1.2719/2656 Low Apr 29 / 50-day EMA
  • SUP 2: 1.2568 Low Apr 22
  • SUP 3: 1.2459 Low Apr 21
  • SUP 4: 1.2403 Low Apr 5 and a key support

USDCAD remains bullish and the strong recovery from Friday’s low of 1.2719 reinforces this theme. Prices rose through the first key resistance level at 1.2901, the Mar 8 high, which also marked an important bull trigger. The break here sets up a climb towards the Dec 20 2021 high of 1.2964. On the downside, first support lies at 1.2719.

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

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