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Watching Support

USDCAD TECHS
  • RES 4: 1.3155 2.0% 10-dma envelope
  • RES 3: 1.3091 High Nov 24 2020
  • RES 2: 1.3077 High May 16 and the bull trigger
  • RES 1: 1.2896/2982 High May 18 / High May 16
  • PRICE: 1.2847 @ 18:04 BST May 24
  • SUP 1: 1.2763 50-day EMA
  • SUP 2: 1.2714 Low May 5 and a key support
  • SUP 3: 1.2568 Low Apr 22
  • SUP 4: 1.2459 Low Apr 21

USDCAD remains below 1.3077, May 16 high, and continues to trade closer to its recent lows, but did find support on Tuesday. The latest move down is considered corrective and the broader trend outlook is bullish. Recent gains resulted in a breach of 1.2914, May 2 high, and 1.2964, the Dec 20 2021 high. The break of the latter marks an important M/T bullish development. Key support to watch is at 1.2714, May 5 low. A break would alter the picture.

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  • RES 4: 1.3155 2.0% 10-dma envelope
  • RES 3: 1.3091 High Nov 24 2020
  • RES 2: 1.3077 High May 16 and the bull trigger
  • RES 1: 1.2896/2982 High May 18 / High May 16
  • PRICE: 1.2847 @ 18:04 BST May 24
  • SUP 1: 1.2763 50-day EMA
  • SUP 2: 1.2714 Low May 5 and a key support
  • SUP 3: 1.2568 Low Apr 22
  • SUP 4: 1.2459 Low Apr 21

USDCAD remains below 1.3077, May 16 high, and continues to trade closer to its recent lows, but did find support on Tuesday. The latest move down is considered corrective and the broader trend outlook is bullish. Recent gains resulted in a breach of 1.2914, May 2 high, and 1.2964, the Dec 20 2021 high. The break of the latter marks an important M/T bullish development. Key support to watch is at 1.2714, May 5 low. A break would alter the picture.