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Bounce From Recent Lows Extends

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: 1.3774 High Oct 24
  • PRICE: 1.33738 @ 08:07 GMT Nov 3
  • SUP 1: 1.3496 Low Oct 27
  • SUP 2: 1.3489 50-day EMA
  • SUP 3: 1.3358 Low Sep 21
  • SUP 4: 1.3227 Low Sep 20

USDCAD continues to trade above 1.3496, the Oct 27 low and remains above the 50-day EMA, at 1.3489. These two chart points highlight an important support zone where a break is required to trigger an extension of the bear cycle that started on Oct 13. The extension higher this week signals scope for a climb towards 1.3855, the Oct 21 high, where a break would undermine the recent bearish and expose 1.3977, the Oct 13 high.

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