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TECHS: Pullback Considered Corrective

DOLLAR-CANADA
  • 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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