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USDCAD has recovered from its recent low. However, a short-term bear threat remains present, for now. Recent weakness resulted in a test of 1.3590, the May 16 low and a key support. A clear breach of it would highlight an important technical break and pave the way for an extension lower near-term. Initial firm resistance to watch is 1.3755, the Jul 2 high. Clearance of this level would alter the picture and highlight a bullish development.
AUDUSD bullish conditions remain intact and the latest pullback appears to be a correction. Initial firm support has broken at 0.6712, the 20-day EMA. A close below here could signal scope for a deeper retracement, towards 0.6666, the 50-day EMA. The bull trigger is at 0.6799, the Jul 11 high. A break would resume the uptrend and pave the way for a climb towards 0.6839 next, the Jan 2 high. Moving average studies are in a bull-mode set-up highlighting a rising trend.