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AUSTRALIA DATA

Australia Mar Retail Sales +1.3% M/M; -0.5% Q/Q

CHINA RATES

China Repo Rates Increase: Wind

CHINA PRESS

China Should Reduce Dollar Assets: Ex-PBOC Advisor

AUSSIE 3-YEAR TECHS

(M1) Directional Triggers Intact

TECHS: Bull Flag Formation

DOLLAR-CANADA
  • RES 4: 1.3600 High Jul 20
  • RES 3: 1.3486 Low Jun 23 and a former breakout level
  • RES 2: 1.3460 High Jul 30
  • RES 1: 1.3419 High Sep 29 and the intraday bull trigger
  • PRICE: 1.3321 @ 17:24 BST Sep 30
  • SUP 1: 1.3284 Low Sep 22
  • SUP 2: 1.3270 20-day EMA
  • SUP 3: 1.3171 Low Sep 21
  • SUP 4: 1.3119 Low Sep 10 and key near-term support

USDCAD edged to new weekly lows Wednesday, but the drop has so far been insufficient to counter the bullish outlook. Recent consolidation appears to be a bull flag reinforcing a positive outlook. A bullish theme follows a break higher Sep 21 that confirmed a short-term corrective cycle. Furthermore, the recent break of 1.3259, Sep 9 high highlights a clear bullish price sequence of higher highs and higher lows. The focus is on 1.3460 next, Jul 30 high. On the downside, 1.3284, Sep 22 low marks initial support.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com