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USDCAD traded higher Friday and breached resistance at 1.3748, 61.8% of the Apr 16 - Mar 16 bear leg. The trend outlook remains bullish and Friday’s gains are a positive development. A continuation higher would refocus attention on the bull trigger at 1.3846, the Apr 16 high. On the downside, key support has been defined at 1.3590, May 16 low. A clear break of this level would threaten a bullish theme and signal scope for a deeper retracement.
A sharp sell-off in AUDUSD Friday undermines the recent bullish theme. The move lower resulted in a break of both the 20- and 50 -day EMAs. Furthermore, support at 0.6591, the May 30 low has also been pierced. A continuation lower would highlight a possible reversal and signal scope for a deeper pullback, towards 0.6558 initially, the May 8 low. For bulls, a resumption of gains would open the bull trigger at 0.6714, the Jun 16 high.