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Heading North

  • RES 4: 1.2949 High Aug 20 and a key resistance
  • RES 3: 1.2893/96 2.0% 10-dma envelope / High Sep 20
  • RES 2: 1.2849 High Sep 21
  • RES 1: 1.2799 High Nov 26
  • PRICE: 1.2789 @ 16:58 GMT Nov 29
  • SUP 1: 1.2641 Low Nov 25
  • SUP 2: 1.2585/2493 20-day EMA / Low Nov 16
  • SUP 3: 1.2387 Low Nov 10
  • SUP 4: 1.2288 Low Oct 21 and the bear trigger

USDCAD outlook remains bullish as markets continue to clawback losses posted since the September high. Price has confirmed a break of 1.2753, 76.4% of the Sep 20 - Oct 21 sell-off as well as 1.2775, Sep 29 high. This strengthens the current bullish set-up and sets the scene for a climb towards 1.2896, the Sep 20 high. On the downside, a key short-term support has been defined at 1.2641, the Nov 25 low.

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