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USDCAD TECHS: Trend Outlook Remains Bullish

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: 1.3792 High Jun 11
  • PRICE: 1.3702 @ 17:34 BST Jun 20
  • SUP 1: 1.3675/1.3590 50-day EMA / Low May 16 and the bear trigger 
  • 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 has traded lower this week but - for now - continues to trade above the Jun 12 low of 1.3680. Key support is unchanged at 1.3590, the May 16 low. A clear break of this level would threaten a bullish theme and signal scope for a deeper retracement. The trend outlook remains bullish, a resumption of gains would signal scope for a climb towards key resistance and the bull trigger at 1.3846, the Apr 16 high. 

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