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- RES 4: 1.2739 High Oct 1
- RES 3: 1.2648 High Oct 6
- RES 2: 1.2587 50-day EMA
- RES 1: 1.2499 High Oct 12
- PRICE: 1.2423 @ 06:52 BST Oct 14
- SUP 1: 1.2422 Jul 30 low and a key support
- SUP 2: 1.2367 61.8% retracement of the Jun - Aug rally
- SUP 3: 1.2303 Low Jul 6
- SUP 4: 1.2253 Low Jun 23
The USDCAD bear cycle that started Sep 20 remains in place and the pair is weaker again today. The recent break of 1.2494, Sep 3 low signals scope for a deeper pullback and has opened 1.2422, the Jul 30 low. Clearance of this support would strengthen the case for bears, exposing 1.2367, a Fibonacci projection. On the upside, a breach of 1.2775, Sep 29 high would represent a bullish development. Initial firm resistance is at 1.2587, the 50-day EMA.