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Oct 08 - 05:55 PM

USD/CAD - Head-And-Shoulders Top Sell Signal Confirmed, Bounces A Fade

By Randolph Donney  —  Oct 08 - 03:35 PM
  • USD/CAD tumbled below the neckline of a H&S top formation begun in July

  • Prices also eye close below 100-DMA & 50% Fibo of June-Aug rise at 1.2478

  • The measured objective of the H&S top's neckline break is at 1.2107

  • There's some support from mid-late-July lows at 1.2420-23

  • We look to sell a rally to 1.2515 by the 200-DMA

  • Once short the target will be near the 61.8% Fibo at 1.2367

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Source:
Refinitiv IFR Research/Market Commentary

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