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TECHS: Correction Phase Extends

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: 1.3421 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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