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Watching Key Resistance At 1.2203

USDCAD TECHS
  • RES 4: 1.2419 High Apr 27
  • RES 3: 1.2351 High May 4 and a key near-term resistance
  • RES 2: 1.2236 50-day EMA
  • RES 1: 1.2177/2203 High Jun 11 / High May 6
  • PRICE: 1.2147 @ 06:50 BST Jun 14
  • SUP 1: 1.2059/2007 Low Jun 9 / Low May 18
  • SUP 2: 1.2000 Psychological round number
  • SUP 3: 1.1920 Low May 2015
  • SUP 4: 1.1842 2.0% 10-dma envelope

USDCAD traded higher Friday. Key resistance at 1.2203, May 6 high remains intact though. The underlying trend is bearish with key support and the bear trigger at 1.2007, May 18 low. A break would resume the downtrend and expose the psychological 1.2000 handle where a breach would reinforce bearish conditions. For bulls, clearance of 1.2203, would instead signal a short-term base and the potential for a stronger corrective bounce.

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