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Trading Above Last Week's Low

DOLLAR-CANADA
  • RES 4: 1.3421 High Sep 30 and primary resistance
  • RES 3: 1.3341 High Oct 7
  • RES 2: 1.3241/59 50-day EMA / High Oct 15 and the bull trigger
  • RES 1: 1. 3190 20-day EMA
  • PRICE: 1.3182 @ 09:58 GMT Oct 26
  • SUP 1: 1.3081 Low Oct 21 and the intraday 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

Despite still trading above last week's low, USDCAD bearish conditions remain intact. The pair last week traded below key support at 1.3099, Oct 13 low. The move lower confirms a resumption of the current downtrend that started Sep 30. Moving average studies are bearish too, reinforcing the current climate. Scope exists for a move towards the major support at 1.2994, Sep 1 low. Key resistance has been defined at 1.3259, Oct 15 high.

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