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Uptrend Remains Intact

  • RES 4: 1.4040 76.4% retracement of the 2020 - 2021 bear cycle
  • RES 3: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 2: 1.4000 Psychological round number
  • RES 1: 1.3977 High Oct 13 and the bull trigger
  • PRICE: 1.3731 @ 20:59 BST Oct 17
  • SUP 1: 1.3699 Low Oct 17
  • SUP 2: 1.3632/3503 20-day EMA / Low Oct 4
  • SUP 3: 1.3358 Low Sep 21
  • SUP 4: 1.3374 50-day EMA

USDCAD started the week on a bearish note and reversed Friday’s gains. Despite the pullback, the uptrend remains intact. The latest recovery from 1.3503, Oct 10 high, reinforces bullish conditions and this low represents a key short-term support. Moving average studies continue to highlight an uptrend and 1.3838, the Sep 30 high and key resistance has been cleared, strengthening bullish conditions. Support to watch is 1.3632, the 20-day EMA.

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