USDCAD TECHS: Monitoring Resistance At The Channel Top
- RES 4: 1.4274 High Apr 9
- RES 3: 1.4200 Round number resistance
- RES 2: 1.4167 50.0% retracement of the Feb 3 - Jun 16 bear leg
- RES 1: 1.4143 Channel top drawn from Jul 23 low & High Nov 5
- PRICE: 1.4114 @ 08:11 GMT Nov 7
- SUP 1: 1.4019 20-day EMA
- SUP 2: 1.3948 50-day EMA
- SUP 3: 1.3888 Low Oct 29 and a key support
- SUP 4: 1.3867 Bull channel base drawn from the Jul 23 low
A bull cycle in USDCAD remains intact. and this week’s extension strengthens current conditions. The pair has breached 1.4080, the Oct 16 high to confirm a resumption of the uptrend. Sights are on 1.4143, the top of a bull channel drawn from the Jul 23 low. It remains intact, however, a clear break of it would open 1.4167, a Fibonacci retracement. First support lies at 1.4019, the 20-day EMA.
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