Recent gains in USDCAD reinforce current bullish conditions. The pair has cleared resistance and congestion at 1.3614, the Mar 19, 22, 25 and 29 high. This opens 1.3855 next, the Nov 10 ‘23 high. Note that MA studies are in a bull-mode position, highlighting a clear rising trend. The pullback from Tuesday’s high is considered corrective and is allowing an overbought trend condition to unwind. Initial firm support lies at 1.3647, the 20-day EMA.
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EURJPY traded through the bull trigger Tuesday, firming the near-term outlook. Clearance here opens 164.30, the Nov 16 high. Key trendline support - at 161.07 - drawn from the Dec 7 low remains intact. The trendline has recently been pierced. A clear break of the line is required to signal a reversal, paving the way initially for 158.92, the Feb 7 low. While the trendline holds, the outlook is bullish.