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TECHS: Focus Is On Key Resistance

DOLLAR-CANADA
  • RES 4: 1.3545 200-dma
  • RES 3: 1.3474 2.0% 10-dma envelope
  • RES 2: 1.3421 High Sep 30 and primary resistance
  • RES 1: 1.3390 High Oct 29
  • PRICE: 1.3256 @ 16:51 GMT Nov 2
  • SUP 1: 1.3236 50% Retracement of the late October recovery
  • SUP 2: 1.3180 Low Oct 28
  • SUP 3: 1.3109/3081 Low Oct 23 / Low Oct 21 and the bear trigger
  • SUP 4: 1.3047 Low Sep 7

USDCAD is consolidating. Last week's bullish weekly close cemented the break of key short-term resistance at 1.3259, Oct 15 high as well as the break of 1.3341, Oct 7 high. Gains signal scope for a climb towards 1.3421 next, Sep 30 and primary resistance. Initial firm support is seen at 1.3180, Oct 28 low. A break of this level is required to undermine the developing bullish tone. First support however lies at 1.3259.

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