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Trend Needle Still Points North

  • RES 4: 1.2896 High Sep 20 and a key resistance
  • RES 3: 1.2889 2.0% 10-dma envelope
  • RES 2: 1.2849 High Sep 21
  • RES 1: 1.2799 High Nov 26
  • PRICE: 1.2764 @ 17:31 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 as markets continue to clawback losses posted since the September high. Price has confirmed a print through 1.2753, 76.4% of the Sep 20 - Oct 21 sell-off as well as 1.2775, Sep 29 high. This sets 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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