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USDCAD is trading closer to this week’s lows despite a modest bounce Friday. The downtrend remains intact. Fresh trend lows this week strengthens bearish conditions and maintains the price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting current sentiment. Scope is seen for a move towards 1.2992, a Fibonacci retracement. On the upside, firm resistance is seen at 1.3324, the 20-day EMA.
This week’s pullback in AUDUSD has resulted in a break of the 20- and 50-day EMA values. The break of the 50-day average, at 0.6704, suggests potential for a deeper retracement. The next support lies at 0.6627, a Fibonacci retracement point. A break of this level would strengthen bearish conditions. Initial firm resistance is at 0.6806, the Jun 27 high. Clearance of this level would ease a bearish threat. Key resistance is 0.6900, Jun 16 high.