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TECHS: Rally Extends

DOLLAR-CANADA
  • RES 4: 1.3545 200-dma
  • RES 3: 1.3460 2.0% 10-dma envelope
  • RES 2: 1.3421 High Sep 30 and primary resistance
  • RES 1: 1.3390 High Oct 29
  • PRICE: 1.3334 @ 17:28 GMT Oct 30
  • SUP 1: 1.3259 High Oct 15 and recent breakout level
  • SUP 2: 1.3180 Low Oct 28
  • SUP 3: 1.3109/3081 Low Oct 23 / Low Oct 21 and the bear trigger
  • SUP 4: 1.3047 Low Sep 7

USDCAD largely consolidated Friday. The bullish weekly close, however, cemented the break of key short-term resistance at 1.3259, Oct 15 high as well as the break of 1.3341, Oct 7 high. The move higher signals scope for a climb towards 1.3421 next, Sep 30 and primary resistance. Initial firm support is seen at Wednesday's low of 1.3180. A break of this level is required to undermine the developing bullish tone. First support however lies at 1.3259.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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