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Watching Support

USDCAD TECHS
  • RES 4: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 3: 1.3661 High Nov 27
  • RES 2: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3606 High Feb 28 and the bull trigger
  • PRICE: 1.3505 @ 08:02 GMT Mar 7
  • SUP 1: 1.3495 50-day EMA
  • SUP 2: 1.3441/3359 Low Feb 22 / Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

USDCAD conditions remain bullish despite the sharp sell-off yesterday. Key support lies at 1.3359, the Jan 31 low. Clearance of this level would be bearish. Initial firm support to watch lies at 1.3441, the Feb 22 low. The recent print above resistance at 1.3586, the Feb 13 high and bull trigger is a positive development. A clear break of this level would confirm a resumption of the uptrend and open 1.3623 initially, a Fibonacci retracement.

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  • RES 4: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 3: 1.3661 High Nov 27
  • RES 2: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3606 High Feb 28 and the bull trigger
  • PRICE: 1.3505 @ 08:02 GMT Mar 7
  • SUP 1: 1.3495 50-day EMA
  • SUP 2: 1.3441/3359 Low Feb 22 / Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

USDCAD conditions remain bullish despite the sharp sell-off yesterday. Key support lies at 1.3359, the Jan 31 low. Clearance of this level would be bearish. Initial firm support to watch lies at 1.3441, the Feb 22 low. The recent print above resistance at 1.3586, the Feb 13 high and bull trigger is a positive development. A clear break of this level would confirm a resumption of the uptrend and open 1.3623 initially, a Fibonacci retracement.