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TECHS: Correction Phase Intact

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: 1.3373 @ 16:41 BST Sep 25
  • SUP 1: 1.3284 Low Sep 22
  • SUP 2: 1.3231 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 Sep 21 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.

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