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TECHS: Approaching Resistance

DOLLAR-CANADA
  • RES 4: 1.3421 High Sep 30 and primary resistance
  • RES 3: 1.3341 High Oct 7
  • RES 2: 1.3291 61.8% retracement of the Sep 30 - Oct 21 sell-off
  • RES 1: 1.3259 High Oct 15 and the bull trigger
  • PRICE: 1.3238 @ 10:12 GMT Oct 28
  • SUP 1: 1.3180 Intraday low
  • SUP 2: 1.3109/3081 Low Oct 23 / Low Oct 21 and the bear trigger
  • SUP 3: 1.3047 Low Sep 7
  • SUP 4: 1.3038 Low Sep 2

USDCAD started the week on a firm note, rallying Monday and has extended gains this morning too. Despite the climb, the outlook remains bearish. The pair last week breached key support at 1.3099, Oct 13 low. The move lower confirmed a resumption of the current downtrend that started Sep 30. Scope exists for weakness towards the major support at 1.2994, Sep 1 low. Key resistance is at 1.3259, Oct 15 high. A break would alter the picture.

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