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USDCAD TECHS: Trades Through Support

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: 1.3755/3792 High Jul 2 / High Jun 11
  • PRICE: 1.3611 @ 16:40 BST Jul 4 
  • SUP 1: 1.3610/3590 Low Jul 04 / 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 

Yesterday’s sell-off  in USDCAD strengthens a short-term bearish threat. Note that price has again breached the 50-day EMA - currently at 1.3678. This reinforces bearish conditions and has also resulted in a print below 1.3590, May 16 low. An extension would expose 1.3590, May 16 low and key support. The M/T trend outlook is bullish, initial resistance to watch is 1.3755, the Jul 2 high. A break of this level would be bullish. 

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