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Bear Threat Still Present

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: 1.3624/3808 20-day EMA / High Nov 03
  • PRICE: 1.3424 @ 15:55 GMT Nov 8
  • SUP 1: 1.3410 Low Nov 8
  • SUP 2: 1.3409 Low Sep 22
  • SUP 3: 1.3352 50.0% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally

USDCAD traded sharply lower Friday and remains weak. This resulted in a print below support at 1.3498, the 50-day EMA and 1.3496, the Oct 27 low. A clear break of this support zone would strengthen a 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, last Thursday’s high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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