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TECHS: Strong Gains

DOLLAR-CANADA
  • RES 4: 1.3450 2.0% 10-dma envelope
  • RES 3: 1.3421 High Sep 30 and primary resistance
  • RES 2: 1.3341 High Oct 7
  • RES 1: 1.3334 High Oct 28
  • PRICE: 1.3286 @ 06:22 GMT Oct 29
  • SUP 1: 1.329 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 started the week on a firm note and confirmed a bullish statement Wednesday, rallying sharply higher. This led to a break of key resistance at 1.3259, Oct 15 high exposing resistance at 1.3341, Oct 7 high. Clearance of 1.3341 would signal scope for a climb towards 1.3421, Sep 30 and primary resistance. Initial firm support is seen at yesterday's low of 1.3180. A break of this level is required to undermine the developing bullish tone.

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