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Bullish Following Last Week's Rally

  • RES 4: 1.2775 High Sep 29
  • RES 3: 1.2739 High Oct 1
  • RES 2: 1.2664 61.8.0% retracement of the Sep 20 - Oct 21 sell-off
  • RES 1: 1.2605 High Nov 12
  • PRICE: 1.2535 @ 06:50 GMT Nov 15
  • SUP 1: 1.2493/2387 50-day EMA / Low Nov 10
  • SUP 2: 1.2288 Low Oct 21 and the bear trigger
  • SUP 3: 1.2253 Low Jun 23
  • SUP 4: 1.2229 76.4% retracement of the Jun - Aug rally

USDCAD traded higher Friday, printing a new weekly high of 1.2605. This puts prices north of both the Oct 8 high and the 50% Fibonacci retracement of the Sep 20 - Oct 21 sell-off at 1.2592. Last week's gains have strengthened S/T conditions for bulls and has opened 1.2664 next, the 61.8% retracement. Further out, there is scope for a climb towards the October high of 1.2739. Initial firm support has been defined at 1.2387, Nov 10 low.

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