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TECHS: Heading South

DOLLAR-CANADA
  • RES 4: 1.3460 High Jul 30
  • RES 3: 1.3421 High Sep 30 and the bull trigger
  • RES 2: 1.3341 High Oct 7 and key near-term resistance
  • RES 1: 1.3273 High Oct 7
  • PRICE: 1.3126 @ 17:53 BST Oct 9
  • SUP 1: 1.3116 Low Oct 9
  • SUP 2: 1.3095 76.4% retracement of the Sep 1 - 30 rally
  • SUP 3: 1.3038 Low Sep 2
  • SUP 4: 1.2994 Low Sep 1

USDCAD traded lower still Friday, extending the pullback that started on Sep 30. The move lower follows the clear break earlier this week of trendline support drawn off the Sep 1 low. Weakness extended through 1.3157, a Fibonacci retracement to open 1.3095, Fib support. To offset a deeper decline, the pair needs to trade above resistance at 1.3341, Oct 7 high. Heavy

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