USDCAD traded sharply lower into the close, erasing much of the week’s early gains. This puts prices through the 50-day EMA support and makes for a 100 pip drop off the intraday high. A return lower and clearance of 1.4235, the Mar 26 low, would undermine the bull theme and highlight potential for a test of 1.4151, the Feb 14 low and a bear trigger. Moving average studies, however, continue to highlight a dominant uptrend - and a stronger rally would refocus attention on the bull trigger at 1.4543, the Mar 4 high.
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Significant dovish adjustment over the week: