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Short-Term Gains Considered Corrective

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3708 Trendline resistance drawn from the Oct 13 2022 high
  • RES 2: 1.3593/95 High Sep 12 / 7 and key resistance
  • RES 1: 1.3513 20-day EMA
  • PRICE: 1.3493 @ 08:38 BST Sep 26
  • SUP 1: 1.3381 Low Sep 19
  • SUP 2: 1.3323 61.8% retracement of the Jul 14 - Sep 7 bull leg
  • SUP 3: 1.3266 Low Aug 2
  • SUP 4: 1.3235 76.4% retracement of the Jul 14 - Sep 7 bull leg

USDCAD maintains a softer tone despite its recent gains. Last week’s move down resulted in a break of 1.3490, the Sep 1 low and this was followed by a clear breach of the 50-day EMA, at 1.3474. The move lower reinforces a bearish theme and signals scope for a deeper retracement. The focus is on 1.3323 next, a Fibonacci retracement. Initial firm resistance has been defined at 1.3513, the 20-day EMA.

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