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Testing Support At The 50-day EMA

USDCAD TECHS
  • RES 4: 1.4070 1.236 proj of the Sep 19 - Oct 5 - Oct 10 price swing
  • RES 3: 1.4019 2.0% 10-dma envelope
  • RES 2: 1.3977 High Oct 13 2022 and a major resistance
  • RES 1: 1.3855/3899 High Nov 10 / 1 and the bull trigger
  • PRICE: 1.3758 @ 16:40 GMT Nov 16
  • SUP 1: 1.3629 Low Nov 6
  • SUP 2: 1.3617 Trendline support drawn from the Jul 14 low
  • SUP 3: 1.3496 50.0% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 4: 1.3417 Low Sep 29

USDCAD traded lower again Wednesday and support at the 50-day EMA - at 1.3671 - has been pierced. Despite this week’s pullback, the trend outlook is bullish and the pair remains above 1.3629, the Nov 6 low. Furthermore, moving average studies continue to highlight an uptrend. A resumption of gains would open the bull trigger at 1.3899, the Nov 1 high. On the downside, a clear break of the 50-day EMA would be a bearish development.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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