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Trend Structure Remains Bullish

  • RES 4: 1.3934 2.0% 10-dma envelope
  • RES 3: 1.3862 High Mar 10 and a key resistance
  • RES 2: 1.3805 High Mar 24
  • RES 1: 1.3786 High Oct 5 and the bull trigger
  • PRICE: 1.3641 @ 08:3 BST Oct 16
  • SUP 1: 1.3569 Low Oct 10
  • SUP 2: 1.3539 50-day EMA
  • SUP 3: 1.3417 Low Sep 29
  • SUP 4: 1.3381 Low Sep 19 and a key support

The USDCAD trend outlook remains bullish and for now, the pair continues to trade above the 20- and 50-day EMAs. The 50-day average intersects at 1.3539 and marks a key short-term support. A clear break of this EMA would signal scope for a deeper correction. Attention is on resistance at 1.3786, the Oct 5 high. Clearance of this level would confirm a resumption of the uptrend and open 1.3862, the Mar 10 high.

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