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Trendline Support Cracks

USDCAD TECHS
  • RES 4: 1.4001 2.0% 10-dma envelope
  • RES 3: 1.3977 High Oct 13 2022 and a major resistance
  • RES 2: 1.3855/3899 High Nov 10 / 1 and the bull trigger
  • RES 1: 1.3777 High Nov 16
  • PRICE: 1.3608 @ 16:29 GMT Nov 24
  • SUP 1: 1.3591 38.2% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 2: 1.3570 1.0% 10-dma envelope
  • SUP 3: 1.3569 Low Oct 10
  • SUP 4: 1.3417 Low Sep 29

USDCAD weakness accelerated Friday, with trendline support at 1.3653 cracking and the pair on course for a close below. For a broader retracement to take hold, markets need to hold prices below 1.3629, the early November low, with 1.3591 undercutting as next notable support. Initial resistance remains at 1.3777, the Nov 16 high, but markets have now opened a decent gap.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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