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Trend Needle Points South

USDCAD TECHS
  • RES 4: 1.3808 High Nov 3 and a key resistance
  • RES 3: 1.3695 Trendline resistance drawn from the Oct 13 high
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3456 50-day EMA
  • PRICE: 1.3382 @ 16:09 GMT Nov 18
  • SUP 1: 1.3226 Low Nov 15
  • 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 remains bearish, but is trading above recent lows. Recent bearish price action has resulted in new multi-month lows and confirmed a resumption of the current downtrend. This also marks an extension of the bearish price sequence of lower lows and lower highs. A continuation of the trend would open 1.3205, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 1.3571, the Nov 10 high.

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  • RES 4: 1.3808 High Nov 3 and a key resistance
  • RES 3: 1.3695 Trendline resistance drawn from the Oct 13 high
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3456 50-day EMA
  • PRICE: 1.3382 @ 16:09 GMT Nov 18
  • SUP 1: 1.3226 Low Nov 15
  • 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 remains bearish, but is trading above recent lows. Recent bearish price action has resulted in new multi-month lows and confirmed a resumption of the current downtrend. This also marks an extension of the bearish price sequence of lower lows and lower highs. A continuation of the trend would open 1.3205, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 1.3571, the Nov 10 high.