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TECHS: Corrective Pullback 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 Sep 30 and the intraday bull trigger
  • PRICE: 1.3291 @ 10:55 BST Oct 1
  • SUP 1: 1.3275 20-day EMA
  • SUP 2: 1.3236 Trendline support drawn off the Sep 1 low
  • 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 this morning. The pullback however is likely a correction. A bullish outlook remains in place and this follows the recent break higher on Sep 21 that confirmed a short-term bullish cycle. Furthermore, the recent break of 1.3259, Sep 9 high, confirmed a clear bullish price sequence of higher highs and higher lows. On the downside, 1.3275, the 20-day EMA marks the next support. The bull trigger is 1.3421.

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