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Holding Above Support

USDCAD TECHS
  • RES 4: 1.3476 2.0% 10-dma envelope
  • RES 3: 1.3421 High Sep 30 and primary resistance
  • RES 2: 1.3390 High Oct 29
  • RES 1: 1.3278 Intraday high
  • PRICE: 1.3133 @ 06:38 GMT Nov 4
  • SUP 1: 1.3096 Intraday low
  • SUP 2: 1.3081 Low Oct 21 and the bear trigger
  • SUP 3: 1.3047 Low Sep 7
  • SUP 4: 1.2949 2.0% 10-dma envelope

USDCAD sold off sharply Monday and that trend extended well into the Tuesday close. Price action is choppy today though with the pair rebounding off the overnight low. A bullish outlook remains intact while support at 1.3081 Oct 21 low holds. Last week's break of resistance at 1.3259, Oct 15 high and of 1.3341, Oct 7 high signals scope for a climb to 1.3421, Sep 30 high and a key resistance. Sub 1.3081 level would instead expose 1.2994, Sep 1 low.

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