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TECHS: Needle Still Pointing North Despite Pullback

  • RES 4: 1.3421 High Sep 30 and primary resistance
  • RES 3: 1.3341 High Oct 7 and a reversal trigger
  • RES 2: 1.3263/68 50-day EMA / High Oct 7
  • RES 1: 1.3259 High Oct 15
  • PRICE: 1.3158 @ 17:47 BST Oct 19
  • SUP 1: 1.3143 Low Oct 15
  • SUP 2: 1.3099 Low Oct 13 and the bear trigger
  • SUP 3: 1.3095 76.4% retracement of the Sep 1 - 30 rally
  • SUP 4: 1.3038 Low Sep 2

The USDCAD short-term outlook is bullish with recent gains signalling scope for a stronger corrective bounce. The pair breached the 20-day EMA last week paving the way for move towards the 50-day EMA that intersects at 1.3263. A clear breach of the 50 EMA would strengthen a bullish case. On the downside, initial support lies at 1.3143, Thursday's intraday low. A move through this level would however undermine the recent recovery.

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