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Short-Term Gains Considered Corrective

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3707 Trendline resistance drawn from the Oct 13 2022 high
  • RES 2: 1.3593/95 High Sep 12 / 7 and key resistance
  • RES 1: 1.3538 High Sep 26
  • PRICE: 1.3517 @ 15:51 BST Sep 27
  • SUP 1: 1.3424/3381 Low Sep 22 / 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 remains in a corrective cycle. The short-term outlook remains bearish - last week’s move down resulted in a break of 1.3490, the Sep 1 low and this was followed by a move below the 50-day EMA, reinforcing a bearish theme. The focus is on 1.3323 next, a Fibonacci retracement. Next resistance to watch is 1.3593, the Sep 12 high. Key resistance is at 1.3695, the Sep 7 high.

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