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Recovery Extends

USDCAD TECHS
  • RES 4: 1.2775 High Sep 29
  • RES 3: 1.2739 High Oct 1
  • RES 2: 1.2664 61.8.0% retracement of the Sep 20 - Oct 21 sell-off
  • RES 1: 1.2647 High Nov 18
  • PRICE: 1.2608 @ 16:33 GMT Nov 18
  • SUP 1: 1.2493/2387 Low Nov 16 / 10
  • SUP 2: 1.2288 Low Oct 21 and the bear trigger
  • SUP 3: 1.2253 Low Jun 23
  • SUP 4: 1.2229 76.4% retracement of the Jun - Aug rally

USDCAD conditions remain bullish and the pair extended recent gains ahead of the Thursday close. Recent gains have confirmed a resumption of the current uptrend and the pair has probed the 50% retracement of the Sep 20 - Oct 21 sell-off at 1.2592. The move higher has opened 1.2664 next, the 61.8% retracement. Further out, there is scope for a climb towards the October high of 1.2739. Initial firm support has been defined at 1.2493, Nov 16 low.

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