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Bear Threat Remains Present

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13 2022 and a major resistance
  • RES 3: 1.3965 2.0% 10-dma envelope
  • RES 2: 1.3855/3899 High Nov 10 / 1 and the bull trigger
  • RES 1: 1.3777 High Nov 16
  • PRICE: 1.3596 @ 08:03 GMT Nov 28
  • SUP 1: 1.3594 Low Nov 24
  • SUP 2: 1.3569/55 Low Oct 10 / 1.0% 10-dma envelope
  • SUP 3: 1.3496 50.0% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 4: 1.3417 Low Sep 29

USDCAD maintains a softer tone. Last week’s bearish extension resulted in the break of trendline support, drawn from the Jul 14 low. The weekly close below the trendline reinforces a bearish threat. This has opened 1.3569, the Oct 10 low, and a break of this level would open 1.3496, a Fibonacci retracement. Initial key resistance remains at 1.3777, the Nov 16 high. A breach of this hurdle would be a bullish development.

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