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Correction Extends, Sights Are On The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.129 1.382 proj of the Sep 19 - Oct 5 - Oct 10 price swing
  • RES 3: 1.4064 2.0% 10-dma envelope
  • RES 2: 1.3977 High Oct 13 2022 and a major resistance
  • RES 1: 1.3761/3899 High Nov 3 / 1
  • PRICE: 1.3677 @ 16:18 GMT Nov 6
  • SUP 1: 1.3639 50-day EMA
  • SUP 2: 1.3570 Trendline support drawn from the Jul 14 low
  • SUP 3: 1.3496 50.0% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 4: 1.3417 Low Sep 29

USDCAD traded sharply lower Thursday and Friday and maintains a softer short-term tone. Price has breached support at both the 20-day EMA - at 1.3731 and the 50-day EMA, at 1.3639. A clear break of these averages would signal scope for a stronger pullback and expose a trendline support at 1.3570 - drawn from Jul the Jul 14 low. Key resistance and the bull trigger has been defined at 1.3899, the Nov 1 high. A break would resume the recent uptrend.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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