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Briefly Shows Through Trendline Support

USDCAD TECHS
  • RES 4: 1.4013 2.0% 10-dma envelope
  • RES 3: 1.3977 High Oct 13 2022 and a major resistance
  • RES 2: 1.3855/3899 High Nov 10 / 1 and the bull trigger
  • RES 1: 1.3777 High Nov 16
  • PRICE: 1.3696 @ 16:54 GMT Nov 23
  • SUP 1: 1.3674 Trendline drawn from the Jul 14 low
  • SUP 2: 1.3629 Low Nov 6 and key support
  • SUP 3: 1.3591 38.2% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 4: 1.3417 Low Sep 29

USDCAD rallies were sold Wednesday and the pair traded lower again Thursday, briefly piercing trendline support. Price is through support at the 50-day EMA and is approaching trendline support at 1.3674 - drawn from the Jul 14 low. A break of this line would undermine the recent bullish theme. Note that 1.3629 also represents an important support, the Nov 6 low. Clearance of this level would confirm a short-term reversal. Initial resistance to watch is at 1.3777, the Nov 16 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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