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USDCAD TECHS: Pullback Appears Corrective

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4287 2.0% 10-dma envelope  
  • RES 3: 1.4246 2.00 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4196 1.764 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4078/4178 High Nov 27 / 26 and the bull trigger  
  • PRICE: 1.4005 @ 16:09 GMT Nov 29
  • SUP 1: 1.3965/28 20-day EMA / Low Nov 25 and a key support  
  • SUP 2: 1.3858 50-day EMA
  • SUP 3: 1.3822 Low Nov 6
  • SUP 4: 1.3747 Low Oct 17

Trend conditions in USDCAD remain bullish and Tuesday’s fresh cycle reinforced this theme. The move higher confirmed a resumption of the primary uptrend and marked an extension of the bullish price sequence of higher highs and higher lows. Sights are on 1.4196 next, a Fibonacci projection. Key short-term support has been defined at 1.3928, the Nov 25 low. For now, the latest pullback appears corrective.

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  • RES 4: 1.4287 2.0% 10-dma envelope  
  • RES 3: 1.4246 2.00 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4196 1.764 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4078/4178 High Nov 27 / 26 and the bull trigger  
  • PRICE: 1.4005 @ 16:09 GMT Nov 29
  • SUP 1: 1.3965/28 20-day EMA / Low Nov 25 and a key support  
  • SUP 2: 1.3858 50-day EMA
  • SUP 3: 1.3822 Low Nov 6
  • SUP 4: 1.3747 Low Oct 17

Trend conditions in USDCAD remain bullish and Tuesday’s fresh cycle reinforced this theme. The move higher confirmed a resumption of the primary uptrend and marked an extension of the bullish price sequence of higher highs and higher lows. Sights are on 1.4196 next, a Fibonacci projection. Key short-term support has been defined at 1.3928, the Nov 25 low. For now, the latest pullback appears corrective.