The pennant breakout seen in the USD/CAD 15-minute chart indicates a resumption of the rally from the previous day’s low of 1.2965 and has opened the doors to a test of supply around 1.31 (psychological hurdle).
On the downside, acceptance below the 10-day moving average of 1.3030 would kill the odds of a rally to 1.31.
15-minute chart
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Spot Rate: 1.3055
Daily High: 1.3066
Daily Low: 1.3050
Trend: Bullish
R1: 1.3075 (previous day’s low)
R2: 1.31 (psychological level)
R3: 1.3112 (50-day moving average)
Support
S1: 1.3030 (10-day moving average)
S2: 1.2962 (100-day moving average)
S3: 1.2822 (200-day moving average)
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