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Bearish 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: 1.3598/3808 20-day EMA / High Nov 03
  • PRICE: 1.3539 @ 07:15 GMT Nov 10
  • SUP 1: 1.3388 Low Nov 8
  • SUP 2: 1.3352 50.0% retracement of the Aug 11 - Oct 13 rally
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3139 Low Sep 14

USDCAD traded higher yesterday. A bearish threat remains present following recent weakness. Price has traded below support at 1.3496, the 50-day EMA and 1.3496, the Oct 27 low. A clear break of this price zone would strengthen a bearish threat and likely trigger an extension of the current bear cycle towards 1.3352 next, a Fibonacci retracement. On the upside, initial firm resistance has been defined at 1.3808, the Nov 3 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: 1.3598/3808 20-day EMA / High Nov 03
  • PRICE: 1.3539 @ 07:15 GMT Nov 10
  • SUP 1: 1.3388 Low Nov 8
  • SUP 2: 1.3352 50.0% retracement of the Aug 11 - Oct 13 rally
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3139 Low Sep 14

USDCAD traded higher yesterday. A bearish threat remains present following recent weakness. Price has traded below support at 1.3496, the 50-day EMA and 1.3496, the Oct 27 low. A clear break of this price zone would strengthen a bearish threat and likely trigger an extension of the current bear cycle towards 1.3352 next, a Fibonacci retracement. On the upside, initial firm resistance has been defined at 1.3808, the Nov 3 high.