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Free AccessTECHS: Needle Still Points South
- RES 4: 1.3421 High Sep 30
- RES 3: 1.3341 High Oct 7 and a reversal trigger
- RES 2: 1.3273 High Oct 7 and key near-term resistance
- RES 1: 1.3202 Friday's high
- PRICE: 1.3125 @ 06:30 BST Oct 12
- SUP 1: 1.3110 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 once again Friday, extending the pullback that started on Sep 30. The move lower follows the clear break last week of trendline support drawn off the Sep 1 low. Weakness has extended through 1.3157, a Fibonacci retracement to open the next retracement at 1.3095. Initial resistance is at Friday's high of 1.3202. Clearance of 1.3273 though, Oct 7 high is required to ease bearish pressure. Heavy!
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.