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TECHS: All Eyes On Support

DOLLAR-CANADA
  • RES 4: 1.3477 2.0% 10-dma envelope
  • RES 3: 1.3421 High Sep 30 and primary resistance
  • RES 2: 1.3390 High Oct 29
  • RES 1: 1.3300 High Nov 4
  • PRICE: 1.3138 @ 06:18 GMT Nov 5
  • SUP 1: 1.3096 Low Nov 4
  • SUP 2: 1.3081 Low Oct 21 and the bear trigger
  • SUP 3: 1.3047 Low Sep 7
  • SUP 4: 1.2949 2.0% 10-dma envelope

USDCAD sold off sharply Monday and that trend extended into Tuesday's close. Price was also understandably choppy Wednesday, but the pair settled lower into the close. Although a bullish outlook remains intact, attention is on support at 1.3081 Oct 21. A break would negate near-term bullish prospects and instead signal scope for weakness towards 1.2994, the Sep 1 low and a major support handle. The initial key hurdle for bulls is 1.3390, Oct 29 high.

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