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Trend Outlook Remains Bullish

USDCAD TECHS
  • RES 4: 1.129 1.382 proj of the Sep 19 - Oct 5 - Oct 10 price swing
  • RES 3: 1.4067 2.0% 10-dma envelope
  • RES 2: 1.3977 High Oct 13 2022 and a major resistance
  • RES 1: 1.3899 High Nov 1 and bull trigger
  • PRICE: 1.3802 @ 08:00 GMT Nov 13
  • SUP 1: 1.3664/29 50-day EMA / Low Nov 6
  • SUP 2: 1.3600 Trendline support drawn from the Jul 14 low
  • SUP 3: 1.3496 50.0% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 4: 1.3417 Low Sep 29

USDCAD managed to find support last week and the pair remains above 1.3629, the Nov 6 low. The trend outlook is bullish and MA studies are in a bull-mode position. Support around the 50-day EMA, at 1.3664, has remained intact and this suggests the move lower between Nov 1 - 6 was a correction. Sights are on the bull trigger at 1.3899, Nov 1 high. On the downside, a clear break of the 50-day EMA would be a bearish development.

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