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Trades Through Key Resistance

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13 and a major resistance
  • RES 3: 1.3952 2.0% 10-dma envelope
  • RES 2: 1.3862 High Mar 10 and a key resistance
  • RES 1: 1.3806 Intraday high
  • PRICE: 1.3798 @ 15:06 BST Oct 25
  • SUP 1: 1.3651/3577 20- and 50-day EMA values
  • SUP 2: 1.3477 76.4% retracement of the Sep 19 - Oct 5 rally
  • SUP 3: 1.3417 Low Sep 29
  • SUP 4: 1.3381 Low Sep 19 and a key support

The USDCAD trend condition remains bullish. The pair is trading higher and this has resulted in a break of key resistance at 1.3786, the Oct 5 high. A clear breach of this hurdle would strengthen bullish conditions and confirm a resumption of the uptrend. This would open 1.3862, the Mar 10 high. Moving average studies are in a bull-mode position, highlighting an uptrend. On the downside, initial firm support is seen at 1.3651, the 20-day EMA.

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