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Consolidation Mode

USDCAD TECHS
  • RES 4: 1.2775 High Sep 29
  • RES 3: 1.2664 61.8.0% retracement of the Sep 20 - Oct 21 sell-off
  • RES 2: 1.2589 50.0% retracement of the Sep 20 - Oct 21 sell-off
  • RES 1: 1.2562 High Oct 8
  • PRICE: 1.2508 @ 06:54 GMT Nov 11
  • SUP 1: 1.2387 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 is trading slightly higher this morning and maintains the current short-term positive tone. These recent gains however are still considered corrective with moving average studies in a bear mode condition. A resumption of weakness would refocus attention on the bear trigger of 1.2288, Oct 21 low where a break would confirm a resumption of the downtrend. Next resistance is seen at 1.2562.

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