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Breaks to Fresh Lows

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: 1.3369 @ 16:45 GMT Nov 10
  • SUP 1: 1.3334 Low Nov 10
  • SUP 2: 1.3289 2.0% 10-dma envelope
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3139 Low Sep 14

USDCAD broke lower Thursday, hitting a new multi-month low and tilting the balance further in favour of bears. The bearish threat remains present, with next support at 1.3289 - the 2.0% 10-dma envelope. Thursday’s price action has extended the current bear cycle towards 1.3205 next, a Fibonacci retracement. On the upside, initial firm resistance has been defined at 1.3808, the Nov 3 high.

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

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