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TECHS: Bearish Despite Minor Recovery

DOLLAR-CANADA
  • RES 4: 1.3341 High Oct 7 and a reversal trigger
  • RES 3: 1.3268 High Oct 7 and 50-day EMA
  • RES 2: 1.3225 20-day EMA
  • RES 1: 1.3202 Oct 9 high
  • PRICE: 1.3150 @ 06:23 BST Oct 15
  • SUP 1: 1.3099 Low Oct 13
  • SUP 2: 1.3095 76.4% retracement of the Sep 1 - 30 rally
  • SUP 3: 1.3038 Low Sep 2
  • SUP 4: 1.2994 Low Sep 1

USDCAD traded lower Tuesday, extending the pullback that started on Sep 30. The pair has however recently found support but despite the bounce, remains bearish. Recent weakness follows the clear break on Oct 8 of trendline support drawn off the Sep 1 low. 1.3157, a Fibonacci retracement has been cleared paving the way for a move towards 1.3095. Initial resistance is at the Oct 9 high of 1.3202. Still heavy!

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