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Free AccessTECHS: Pullback Considered Corrective
- RES 4: 1.3546 200-dma
- RES 3: 1.3476 2.0% 10-dma envelope
- RES 2: 1.3421 High Sep 30 and primary resistance
- RES 1: 1.3390 High Oct 29
- PRICE: 1.3231 @ 06:21 GMT Nov 3
- SUP 1: 1.3180 Low Oct 28
- SUP 2: 1.3154 76.4% retracement of the Oct 21 - 29 rally
- SUP 3: 1.3109/3081 Low Oct 23 / Low Oct 21 and the bear trigger
- SUP 4: 1.3047 Low Sep 7
USDCAD sold off sharply yesterday however, despite this pullback a bullish theme remains intact. Last week's break of key short-term 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 next, Sep 30 high and a 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 and expose 1.3081, Oct 21 low.
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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.