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Trading Above The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3808 High Nov 3 and a key resistance
  • RES 3: 1.3605 Trendline resistance drawn from the Oct 13 high
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3502 High Nov 28
  • PRICE: 1.3500 @ 20:52 GMT Nov 28
  • SUP 1: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and the bear trigger
  • SUP 2: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 3: 1.3139 Low Sep 14
  • SUP 4: 1.3023 76.4% retracement of the Aug 11 - Oct 13 rally

USDCAD is firmer and attention is on the 50-day EMA that intersects at 1.3439. Price is trading above the average, a clear break would undermine the recent bearish theme and expose 1.3571, the Nov 10 high. Clearance of this level would signal scope for a recovery towards 1.3605, trendline resistance drawn from the Oct 13 high. Key support and the bear trigger is at 1.3226, the Nov 15 low. A break would resume bearish activity.

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