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USDCAD maintains a firmer tone and the latest pullback appears to be a correction. Last week’s gains resulted in a move above the 50-day EMA, at 1.3459, confirming an extension of the bull cycle that started Dec 27. This has exposed 1.3538, 50.0% of the Nov 1 - Dec 27 bear leg. The retracement has been pierced, a clear break would open 1.3608, Dec 13 high. Support to watch is 1.3343, Jan 12 low. Initial support is 1.3415, the 20-day EMA.
AUDUSD maintains a softer tone following last week’s bearish price action. The pair has breached a trendline drawn from the late October low. The break strengthens a bearish theme and signals scope for a deeper correction. Attention is on 0.6526, the Dec 7 low and the next key support. A clear break would open 0.6500, a Fibonacci retracement. Initial resistance is at 0.6635, the 50-day EMA.