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(H3) Doji Candle Continues To Highlight A Potential Top

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Finds Support At The 20-Day EMA

USDCAD TECHS
  • RES 4: 1.4040 76.4% retracement of the 2020 - 2021 bear cycle
  • RES 3: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 2: 1.4000 Psychological round number
  • RES 1: 1.3898/3977 High Oct 14 / 13 and the bull trigger
  • PRICE: 1.3721 @ 16:29 BST Oct 21
  • SUP 1: 1.3670 20-day EMA
  • SUP 2: 1.3503 Low Oct 4 and a key support
  • SUP 3: 1.3429 50-day EMA
  • SUP 4: 1.3358 Low Sep 21

USDCAD traded briefly below the 20-day EMA Thursday. This average, at 13670, is an important S/T support. The uptrend remains intact and the latest pullback is considered corrective. The recovery from 1.3503, Oct 10 high, reinforces bullish conditions. MA studies still highlight an uptrend and 1.3838, Sep 30 high has been cleared. Should markets close below the 20-day EMA, a deeper correction toward 1.3503, Oct 4 low, would be on the cards.

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

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