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Path Of Least Resistance Remains Up

USDCAD TECHS
  • RES 4: 1.4070 1.236 proj of the Sep 19 - Oct 5 - Oct 10 price swing
  • RES 3: 1.4031 2.0% 10-dma envelope
  • RES 2: 1.3977 High Oct 13 2022 and a major resistance
  • RES 1: 1.3892 High Oct 31
  • PRICE: 1.3886 @ 17:14 GMT Oct 31
  • SUP 1: 1.3790 Low Oct 26
  • SUP 2: 1.3711/3615 20- and 50-day EMA values
  • SUP 3: 1.3477 76.4% retracement of the Sep 19 - Oct 5 rally
  • SUP 4: 1.3417 Low Sep 29

The USDCAD trend needle continues to point north. Sights are on 1.3977, the Oct 13 2022 high. Last week’s break of resistance at the Mar 10 high of 1.3862, strengthens the bullish condition. Moving average studies are in a bull-mode position too, highlighting an uptrend and reflecting positive market sentiment. On the downside, initial firm support is seen at 1.3711, the 20-day EMA. A pullback would be considered corrective.

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

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