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Remains Above The Key Support Zone

USDCAD TECHS
  • RES 4: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 3: 1.4000 Psychological round number
  • RES 2: 1.3855/3977 High Oct 21 / 13 and the bull trigger
  • RES 1: 1.3808 High Nov 03
  • PRICE: 1.3647 @ 07:05 GMT Nov 4
  • SUP 1: 1.3499/96 50-day EMA / Low Oct 27
  • SUP 2: 1.3409 Low Sep 22
  • SUP 3: 1.3358 Low Sep 21
  • SUP 4: 1.3227 Low Sep 20

USDCAD continues to trade above 1.3496, the Oct 27 low and remains above the 50-day EMA, at 1.3499. These two chart points highlight an important support zone. If breached, the break would trigger an extension of the bear cycle that started Oct 13. On the upside, this week’s move higher has exposed 1.3855, the Oct 21 high, where a break would undermine the recent bearish tone and instead open 1.3977, the Oct 13 high.

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