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USDCAD TECHS: Support Lies At The 20-Day EMA

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4253 2.0% 10-dma envelope  
  • RES 3: 1.4140 1.500 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4131 3.0% Upper Bollinger Band
  • RES 1: 1.4106 High Nov 15 and the bull trigger 
  • PRICE: 1.3961 @ 16:20 GMT Nov 21
  • SUP 1: 1.3928 20-day EMA
  • SUP 2: 1.3822 Low Nov 6
  • SUP 3: 1.3818 50-day EMA
  • SUP 4: 1.3747 Low Oct 17

Despite this week’s pullback, the trend outlook in USDCAD remains bullish and the pullback is considered corrective. Moving average studies are in a bull-mode condition, highlighting a dominant uptrend. Note that initial firm support at the 20-day EMA, at 1.3928, remains intact. A break would signal scope for a deeper retracement. A reversal higher would refocus attention on key short-term resistance at 1.4106, the Nov 15 high.   

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  • RES 4: 1.4253 2.0% 10-dma envelope  
  • RES 3: 1.4140 1.500 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4131 3.0% Upper Bollinger Band
  • RES 1: 1.4106 High Nov 15 and the bull trigger 
  • PRICE: 1.3961 @ 16:20 GMT Nov 21
  • SUP 1: 1.3928 20-day EMA
  • SUP 2: 1.3822 Low Nov 6
  • SUP 3: 1.3818 50-day EMA
  • SUP 4: 1.3747 Low Oct 17

Despite this week’s pullback, the trend outlook in USDCAD remains bullish and the pullback is considered corrective. Moving average studies are in a bull-mode condition, highlighting a dominant uptrend. Note that initial firm support at the 20-day EMA, at 1.3928, remains intact. A break would signal scope for a deeper retracement. A reversal higher would refocus attention on key short-term resistance at 1.4106, the Nov 15 high.