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Pullback Considered Corrective

  • RES 4: 1.4040 76.4% retracement of the 2020 - 2021 bear cycle
  • RES 3: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 2: 1.4000 Psychological round number
  • RES 1: 1.3898/3977 High Oct 14 / 13 and the bull trigger
  • PRICE: 1.3761 @ 08:04 BST Oct 20
  • SUP 1: 1.3660 20-day EMA
  • SUP 2: 1.3503 Low Oct 4 and a key support
  • SUP 3: 1.3415 50-day EMA
  • SUP 4: 1.3358 Low Sep 21

USDCAD continues to trade below last week’s high of 1.3977 (Oct 13). The uptrend remains intact and the latest pullback is considered corrective. The recovery from 1.3503, Oct 10 high, reinforces bullish conditions and this low represents a key support. Moving average studies still highlight an uptrend and 1.3838, Sep 30 high and key resistance has been cleared, strengthening bullish conditions. First support to watch is 1.3649, the 20-day EMA.

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