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Watching Resistance At The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3427 High Jun 7
  • RES 3: 1.3387 High Jul 7 and a key resistance
  • RES 2: 1.3286 50-day EMA
  • RES 1: 1.3249 High Jul 28
  • PRICE: 1.3243 @ 08:09 BST Jul 31
  • SUP 1: 1.3093 Low Jul 14 and the bear trigger
  • SUP 2: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 3: 1.3032 1.764 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 4: 1.2992 50.0% retracement of the 2021 - 2022 bull leg

USDCAD is slightly firmer and for now, remains above key support at 1.3093, the Jul 14 low. Moving average studies still highlight a dominant downtrend. A break of 1.3093 would confirm a resumption of the medium-term bear cycle. This would open 1.3084 and 1.3032, Fibonacci projection points. On the upside, clearance of the 50-day EMA, at 1.3286, is required to highlight a possible short-term reversal.

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