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Southbound

USDCAD TECHS
  • RES 4: 1.3953 2.0% 10-dma envelope
  • RES 3: 1.3855/3899 High Nov 10 / 1 and the bull trigger
  • RES 2: 1.3777 High Nov 16
  • RES 1: 1.3697 20-day EMA
  • PRICE: 1.3610 @ 16:29 GMT Nov 29
  • SUP 1: 1.3541 Low Nov 29
  • SUP 2: 1.3496 50.0% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 3: 1.3417 Low Sep 29
  • SUP 4: 1.3401 61.8% retracement of the Jul 14 - Nov 1 bull phase

USDCAD is off lows, but maintains a softer tone more broadly. Last week’s bearish extension resulted in the break of trendline support, drawn from the Jul 14 low. The weekly close below the trendline and this week’s extension lower, reinforces a bearish theme. Sights are on 1.3496, a Fibonacci retracement. Initial key resistance remains at 1.3777, the Nov 16 high. A breach of this hurdle would be a bullish development.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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