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Trend Needle Still Points North

  • RES 4: 1.4000 Psychological round number
  • RES 3: 1.3970 3.236 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 2: 1.3896 3.00 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 1: 1.3838 High Sep 30
  • PRICE: 1.3651 @ 15:31 BST Oct 3
  • SUP 1: 1.3603/3468 Low Sep 28 / 23
  • SUP 2: 1.3424 20-day EMA
  • SUP 3: 1.3195 50-day EMA
  • SUP 4: 1.2954 Low Sep 13 and a key support

USDCAD traded higher last week and a bullish theme remains intact. The recent extension reinforces the uptrend and maintains the positive price sequence of higher highs and higher lows. Moving average studies are in a bull mode position, highlighting current market sentiment. Sights are set on 1.3896 next, a Fibonacci projection. On the downside, initial firm support is at 1.3424, the 20-day EMA.

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