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Vulnerable With Doji Reversal Still In Play

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4
  • RES 3: 1.3214 61.8% retracement of the Oct 29 - Nov 9 sell-off
  • RES 2: 1.3173/74 High Nov 13 / 50-day EMA
  • RES 1: 1.3123 High Nov 19
  • PRICE: 1.3026 @ 16:46 GMT Nov 24
  • SUP 1: 1.3011 Low Nov 18
  • SUP 2: 1.2985 Low Nov 10
  • SUP 3: 1.2929/17 Low Nov 9 / Low Oct 16, 2018
  • SUP 4: 1.2857 Low Oct 4, 2018

USDCAD is vulnerable. The pair stalled on Nov 13 at 1.3173 and this level remains a key S/T resistance. While it stays intact, a bearish outlook dominates. The Nov 13 candle formation, a doji, reinforces the bearish theme. The pattern signals the end of the recent Nov 9 - 13 correction and if correct, suggests the downtrend is likely to resume once again. An extension lower would refocus attention on 1.2929, Nov 9 low and the bear trigger.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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