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Bounce Holds into Weekly Close

USDCAD TECHS
  • RES 4: 1.4000 Psychological round number
  • RES 3: 1.3970 3.236 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 2: 1.3896 3.00 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 1: 1.3838 High Sep 30 and the bull trigger
  • PRICE: 1.3712 @ 14:20 BST Oct 7
  • SUP 1: 1.3513 20-day EMA
  • SUP 2: 1.3358 Low Sep 21
  • SUP 3: 1.3224 50-day EMA
  • SUP 4: 1.3139 Low Sep 14

Having traded lower Tuesday-into-Wednesday, USD/CAD bounced into the Thursday close, with gains holding into the weekly finish. Key resistance and the bull trigger, has been defined at 1.3838, the Sep 30 high. To the downside, attention is on the next firm support at 1.3513, the 20-day EMA. A break would strengthen bearish conditions.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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