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Trend Needle Still Points North

USDCAD TECHS
  • RES 4: 1.2896 High Sep 20 and a key resistance
  • RES 3: 1.2849 High Sep 21
  • RES 2: 1.2775 High Sep 29
  • RES 1: 1.2745/53 High Nov 23 / 76.4% of the Sep 20 - Oct 21 sell-off
  • PRICE: 1.22723 @ 06:48 GMT Nov 26
  • SUP 1: 1.2563/2493 20-day EMA / 16
  • SUP 2: 1.2387 Low Nov 1o
  • SUP 3: 1.2288 Low Oct 21 and the bear trigger
  • SUP 4: 1.2253 Low Jun 23

USDCAD outlook remains bullish following the recent retracement of the Sep - Oct sell-off. Price has confirmed a print above the October high of 1.2739 and sights are on 1.2753, 76.4% of the Sep 20 - Oct 21 sell-off and 1.2775, Sep 29 high. Clearance of this retracement would set the scene for a climb towards 1.2896, the Sep 20 high. On the downside, a key short-term support has been defined at 1.2493, the Nov 16 low.

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