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USDCAD traded sharply lower Thursday and extended the pullback into the Friday close. The trend outlook over the medium-term is bullish and the latest pullback is considered corrective. Price has breached support at the 20-day EMA - at 1.3739. The break signals scope for a stronger pullback and exposes the 50-day EMA, at 1.3638. On the upside, key resistance and the bull trigger has been defined at 1.3899, the Nov 1 high. A breach of this level would resume the uptrend.
Short-term gains in AUDUSD are considered corrective. The pair has traded through the 50-day EMA and this strengthens the current bull cycle. A clear breach of the average would suggest scope for a stronger correction. This would expose key trend resistance at 0.6522, the Aug 30 and Sep 1 high. On the downside, the bear trigger lies at 0.6270, the Oct 26 low. Clearance of this level would confirm a resumption of the downtrend.
The trend outlook in EURJPY remains bullish - the recovery from Monday’s low confirmed a resumption of the uptrend and resulted in a break this week of resistance and the bull trigger at 159.92, the Oct 24 high. 161.52, a Fibonacci projection, marks the next objective. On the downside, key short-term support lies at 157.96, the 50-day EMA. A breach of this average is required to highlight a top and the start of a correction.