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Free AccessTECHS: Correction Phase Extends
- 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: 1.3421 High Aug 4
- PRICE: 1.3409 @ 16:18 BST Sep 24
- SUP 1: 1.3284 Low Sep 22
- SUP 2: 1.3217 20-day EMA
- SUP 3: 1.3119 Low Sep 10 and key near-term support
- SUP 4: 1.3038 Low Sep 2
USDCAD remains bullish. The break higher Monday confirmed a S/T corrective cycle. Furthermore, the recent breach of resistance at 1.3259, Sep 9 high marks a resumption of the recovery that started on Sep 1. Price has also cleared the 50-day EMA and a continued erosion of this average would strengthen the current bullish argument. The focus is on 1.3460 next, Jul 30 high. On the downside, 1.3284, Sep 22 low marks initial support.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.