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TECHS: Trading Below Key Near-Term Resistance

DOLLAR-CANADA
  • RES 4: 1.3421 High Sep 30 and primary resistance
  • RES 3: 1.3341 High Oct 7
  • RES 2: 1.3238/59 50-day EMA / High Oct 15 and the bull trigger
  • RES 1: 1.3225 High Oct 26
  • PRICE: 1.3185 @ 06:32 GMT Oct 28
  • SUP 1: 1.3109/3081 Low Oct 23 / Low Oct 21 and the bear trigger
  • SUP 2: 1.3047 Low Sep 7
  • SUP 3: 1.3038 Low Sep 2
  • SUP 4: 1.2994 Low Sep 1 and the major support

USDCAD started the week on a firm note, rallying Monday. Despite recent gains, the outlook remains bearish though. The pair last week breached key support at 1.3099, Oct 13 low. The move lower confirmed a resumption of the current downtrend that started Sep 30. Moving average studies are bearish too, reinforcing current conditions. Scope exists for weakness towards the major support at 1.2994, Sep 1 low. Key resistance is at 1.3259, Oct 15 high.

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