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Bullish Trend Structure

USDCAD TECHS
  • RES 4: 1.4070 1.236 proj of the Sep 19 - Oct 5 - Oct 10 price swing
  • RES 3: 1.3987 2.0% 10-dma envelope
  • RES 2: 1.3977 High Oct 13 2022 and a major resistance
  • RES 1: 1.3866 High Oct 27
  • PRICE: 1.3858 @ 15:57 BST Oct 27
  • SUP 1: 1.3681/3595 20- and 50-day EMA values
  • SUP 2: 1.3477 76.4% retracement of the Sep 19 - Oct 5 rally
  • SUP 3: 1.3417 Low Sep 29
  • SUP 4: 1.3381 Low Sep 19 and a key support

The USDCAD bullish trend condition strengthened further Friday, with the pair topping key resistance at the Mar 10 high of 1.3862. This week’s climb was triggered by a break of key resistance at 1.3786, the Oct 5 high. This strengthened bullish conditions to confirm a resumption of the uptrend. Friday’s bullish break confirms 1.3977 as the next key upside level, marking the Oct 13 2022 high. Moving average studies are in a bull-mode position too, highlighting an uptrend. On the downside, initial firm support is seen at 1.3681, the 20-day EMA.

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

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