The USDCAD trend needle continues to point north. Sights are on 1.3977, the Oct 13 2022 high. Last week’s break of resistance at the Mar 10 high of 1.3862, strengthens the bullish condition. Moving average studies are in a bull-mode position too, highlighting an uptrend and reflecting positive market sentiment. On the downside, initial firm support is seen at 1.3711, the 20-day EMA. A pullback would be considered corrective.
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USDCAD remains in a corrective cycle. The short-term outlook is unchanged and a downtrend remains intact - the recent breach of 1.3490, the Sep 1 low, and the move below the 50-day EMA, reinforced a bearish theme. A resumption of weakness would open 1.3323 next, a Fibonacci retracement. Next resistance to watch is 1.3593, the Sep 12 high. Key resistance is at 1.3695, the Sep 7 high.