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Heading South

USDCAD TECHS
  • RES 4: 1.3808 High Nov 3
  • RES 3: 1.3763 Trendline resistance drawn from the Oct 13 high
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3490 50-day EMA
  • PRICE: 1.3314 @ 08:18 GMT Nov 11
  • SUP 1: 1.3285 2.0% 10-dma envelope
  • SUP 2: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 3: 1.3139 Low Sep 14
  • SUP 4: 1.3023 76.4% retracement of the Aug 11 - Oct 13 rally

USDCAD maintains a bearish theme and yesterday’s sell-off resulted in a new multi-month low, tilting the balance further in favour of bears. A continuation lower would signal scope for a test of 1.3285 - the 2.0% 10-dma envelope. A break of this area of support would open 1.3205, a Fibonacci retracement point. On the upside, key short-term resistance has been defined at 1.3571, Thursday’s high.

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