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ERG4 96.25/96.37/96.62c fly, bought for 2 in 2.25k
USDCAD traded higher last Thursday, building on recent gains. The broader trend outlook is unchanged and remains bearish. Tthe latest recovery is considered corrective. Resistance to watch is at the 50-day EMA, at 1.3455. A clear break of it would strengthen a bullish theme and open 1.3480, the 200-dma. For bears, a reversal lower would signal the end of the correction and attention would turn to 1.3177, the Dec 27 low and bear trigger.
AUDUSD remains in consolidation mode. The recent move lower still appears to be a correction and medium-term trend directional signals continue to point north. Moving average studies highlight an uptrend and trendline support - at 0.6628 - drawn from the late October low, remains intact. The trendline represents an important support. On the upside key resistance is unchanged at 0.6871, the Dec 28 high.