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Approaching A Key Support Zone

USDCAD TECHS
  • RES 4: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 3: 1.4000 Psychological round number
  • RES 2: 1.3855/3977 High Oct 21 / 13 and the bull trigger
  • RES 1: 1.3808 High Nov 03
  • PRICE: 1.3522 @ 15:52 GMT Nov 4
  • SUP 1: 1.3499/96 50-day EMA / Low Oct 27
  • SUP 2: 1.3409 Low Sep 22
  • SUP 3: 1.3358 Low Sep 21
  • SUP 4: 1.3227 Low Sep 20

USDCAD traded sharply lower Friday. Support is seen at 1.3499, the 50-day EMA and 1.3496, the Oct 27 low. These two chart points have been breached on an intraday basis, but highlight a key support zone on the daily chart. A firm break would highlight a short-term bearish threat and likely trigger an extension of the bear cycle that started Oct 13. This would open 1.3409, the Sep 22 low. On the upside, initial firm resistance has been defined at 1.3808, Thursday’s high.

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  • RES 4: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 3: 1.4000 Psychological round number
  • RES 2: 1.3855/3977 High Oct 21 / 13 and the bull trigger
  • RES 1: 1.3808 High Nov 03
  • PRICE: 1.3522 @ 15:52 GMT Nov 4
  • SUP 1: 1.3499/96 50-day EMA / Low Oct 27
  • SUP 2: 1.3409 Low Sep 22
  • SUP 3: 1.3358 Low Sep 21
  • SUP 4: 1.3227 Low Sep 20

USDCAD traded sharply lower Friday. Support is seen at 1.3499, the 50-day EMA and 1.3496, the Oct 27 low. These two chart points have been breached on an intraday basis, but highlight a key support zone on the daily chart. A firm break would highlight a short-term bearish threat and likely trigger an extension of the bear cycle that started Oct 13. This would open 1.3409, the Sep 22 low. On the upside, initial firm resistance has been defined at 1.3808, Thursday’s high.