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TECHS: Extends This Week's Slide

DOLLAR-CANADA
  • RES 4: 1.3476 2.0% 10-dma envelope
  • RES 3: 1.3421 High Sep 30 and primary resistance
  • RES 2: 1.3390 High Oct 29
  • RES 1: 1.3234 Intraday high
  • PRICE: 1.3231 @ 06:21 GMT Nov 3
  • SUP 1: 1.3138 Intraday low
  • SUP 2: 1.3109 Low Oct 23
  • SUP 3: 1.3081 Low Oct 21 and the bear trigger
  • SUP 4: 1.3047 Low Sep 7

USDCAD sold off sharply yesterday and remains weaker today. Despite the pullback, a bullish outlook remains intact although this will be negated if support at 1.3081, Oct 21 low gives way. Last week's break of resistance at 1.3259, Oct 15 high as well as the break of 1.3341, Oct 7 high signals scope for a climb towards 1.3421, Sep 30 high and a primary resistance. An inability to remain above 1.3081 would instead expose 1.2994, Sep 1 low.

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