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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: 1.3631 @ 16:31 GMT Nov 27
  • SUP 1: 1.3594 Low Nov 24
  • SUP 2: 1.3573/69 1.0% 10-dma envelope / Low Oct 10
  • SUP 3: 1.3496 50.0% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 4: 1.3417 Low Sep 29

USDCAD weakness accelerated Friday, with trendline support at 1.3659 cracking. The weekly close below the trendline reinforces a bearish threat. A continuation lower would expose 1.3569, the Oct 10 low, and a break of this level would open 1.3496, a Fibonacci retracement. Initial key resistance remains at 1.3777, the Nov 16 high. A breach of this hurdle would be a bullish development.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommodities Market NewsBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommodities Market NewsBulletMarketsForeign Exchange Bullets

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