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Finds Support Just Below 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: 1.4065 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 and the bull trigger
  • PRICE: 1.3737 @ 07:59 GMT Nov 7
  • SUP 1: 1.3641/29 50-day EMA / Low Nov 6
  • SUP 2: 1.3576 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 last week but has for now managed to find support - at yesterday’s 1.3629 low. The recovery means support around the 50-day EMA, at 1.3641, stays intact. This suggests the move lower between Nov 1 - 6 has been a correction. The trend is up and moving average studies are in a bull-mode position. The bull trigger is 1.3899, the Nov 1 high. A clear break of the 50-day EMA would expose trendline support at 1.3576.

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