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Clears Key Resistance

USDCAD TECHS
  • RES 4: 1.3421 High Sep 30 2020
  • RES 3: 1.3385 2.0% 10-dma envelope
  • RES 2: 1.3338 50.0% retracement of the 2020 - 2021 bear cycle
  • RES 1: 1.3308 High Sep 16
  • PRICE: 1.3282 @ 20:14 BST Sep 16
  • SUP 1: 1.3074/2954 20-day EMA / Low Sep 13
  • SUP 2: 1.2895 Low Aug 25 and key near-term support
  • SUP 3: 1.2828 Low Aug 17
  • SUP 4: 1.2770 Low Aug 15

A USDCAD bullish theme remains intact and last week’s gains have reinforced this theme. Price has cleared resistance at 1.3209, Sep 7 high and 1.3324, the Jul 14 high and a bull trigger. The break of the latter confirms a resumption of the broader uptrend and opens 1.3338 next, a Fibonacci retracement. Note that MA studies remain in a bull mode set-up, highlighting positive market sentiment. Key trend support is at 1.2954, the Sep 13 low.

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