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USDCAD TECHS: Support Remains Intact For Now

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance     
  • RES 3: 1.3899 High Nov 1 and a key resistance
  • RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
  • RES 1: 1.3748/3792 High Jul 01 / Jun 11
  • PRICE: 1.3745 @ 16:34 BST Jul 1 
  • SUP 1: 1.3626/3590 Low Jun 25 / Low May 16 and a key support
  • SUP 2: 1.3547 Low Apr 9
  • SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
  • SUP 4: 1.3478 Low Apr 4 

USDCAD remains above its most recent lows. Price has recently traded through the Jun 12 low of 1.3680, and 1.3677, the 50-day EMA. The break signals scope for a continuation lower, potentially towards key support at 1.3590, the May 16 low. Clearance of this level would threaten a bullish theme. The medium-term trend outlook is bullish and a stronger resumption of gains would refocus attention on key resistance at 1.3846, Apr 16 high. 

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