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USDCAD TECHS: Trend Needle Points North

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4289 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: 1.4178 High Nov 26 
  • PRICE: 1.4022 @ 16:33 GMT Nov 27
  • SUP 1: 1.3952/28 20-day EMA / Low Nov 25 and a key support  
  • SUP 2: 1.3845 50-day EMA
  • SUP 3: 1.3822 Low Nov 6
  • SUP 4: 1.3747 Low Oct 17

The trend outlook in USDCAD remains bullish and an early strong rally on Tuesday reinforces this theme. The move higher confirms a resumption of the primary uptrend and marks 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, a pullback is considered corrective.   

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  • RES 4: 1.4289 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: 1.4178 High Nov 26 
  • PRICE: 1.4022 @ 16:33 GMT Nov 27
  • SUP 1: 1.3952/28 20-day EMA / Low Nov 25 and a key support  
  • SUP 2: 1.3845 50-day EMA
  • SUP 3: 1.3822 Low Nov 6
  • SUP 4: 1.3747 Low Oct 17

The trend outlook in USDCAD remains bullish and an early strong rally on Tuesday reinforces this theme. The move higher confirms a resumption of the primary uptrend and marks 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, a pullback is considered corrective.