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USDCAD is holding on to its recent gains. The pair traded higher Wednesday, resulting in a print above resistance at 1.3586, the Feb 13 high and bull trigger. A clear break of this level would confirm a resumption of the uptrend and pave the way for a climb towards 1.3623 a Fibonacci retracement. Key support to watch lies at 1.3359, the Jan 31 low. Clearance of this level would be bearish. Initial firm support has been defined at 1.3441, the Feb 22 low.
AUDUSD is trading just above this week’s lows. Recent gains appear to have been a correction and the downtrend that started Dec 28, is intact. The pair has recently attempted to clear resistance around the 50-day EMA, at 0.6567. A clear break of this average is required to suggest scope for a stronger recovery. On the downside, the bear trigger lies at 0.6443, the Feb 13 low. A breach would open 0.6412, a Fibonacci retracement point.