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USDCAD TECHS

Needle Still Points South

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Heading North

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  • RES 4: $470.95 - High Jun 1
  • RES 3: $458.60 - High Jul 27 and key resistance
  • RES 2: $452.80 - High Jul 30
  • RES 1: $436.47/47.15 - Channel top / High Sep 13 and bull trigger
  • PRICE: $423.75 @ 13:48 BST Sep 24
  • SUP 1: $401.60 - Low Sep 21
  • SUP 2: $396.65/94.55 - Low Aug 19 / Low Apr 1
  • SUP 3: $383.55 - Low Mar 4
  • SUP 4: $375.70 - Bear channel base drawn from the May 10 high

Copper futures maintain a bearish theme. This follows the recent failure at $447.15, on Sep 13. The subsequent reversal marks an important turn occurring just above the top of a bear channel drawn off the May 10 high. Furthermore, a Fibonacci retracement at 443.98 - 76.4% of the Jul 27 to Aug 19 downleg provided resistance. Support at $420.60, Sep 8 low was cleared Monday and opens $396.65, Aug 19 low. $447.15 is key resistance.