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Pullback Considered Corrective

USDCAD TECHS
  • 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: 1.3672 @ 16:00 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) and has briefly shown below the 20-day EMA support at 1.3660. 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. Should markets close below the 20-day EMA, a deeper correction toward Oct 4 low at 1.3503 is on the cards.

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

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