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Uptrend Remains Intact

  • RES 4: 1.2849 High Sep 21
  • RES 3: 1.2775 High Sep 29
  • RES 2: 1.2739 High Oct 1
  • RES 1: 1.2664 61.8.0% retracement of the Sep 20 - Oct 21 sell-off
  • PRICE: 1.2641@ 06:50 GMT Nov 22
  • SUP 1: 1.2493/2387 Low Nov 16 / 10
  • SUP 2: 1.2288 Low Oct 21 and the bear trigger
  • SUP 3: 1.2253 Low Jun 23
  • SUP 4: 1.2229 76.4% retracement of the Jun - Aug rally

USDCAD conditions remain bullish and the pair traded higher once again Friday. Recent gains confirmed a resumption of the current uptrend and the pair has breached the 50% retracement of the Sep 20 - Oct 21 sell-off at 1.2592. This has opened 1.2664 next, the 61.8% retracement. Further out, there is scope for a climb towards the October high of 1.2739. Initial firm support lies at 1.2493, Nov 16 low.

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