Loonie is boosted by weak Canadian data but advance remains limited
|Bounce off session low at 1.2789 was boosted by downbeat Canadian data (wholesale sales -1.2% in Sep vs 0.3% f/c), with fresh recovery eyeing session high at 1.2836 (the highest since 03 Nov).
Firm bullish structure on daily chart is supportive but the price shows strong hesitation at pivotal 1.2820 barrier (Fibo 61.8% of 1.2914/1.2667 pullback). Close above here is needed to signal continuation, however, overbought slow stochastic on daily chart is generating negative signal and warning of pullback.
Bullish setup favors dip-buying above daily Tenkan-sen (1.2751).
Res: 1.2820; 1.2836; 1.2855; 1.2914
Sup: 1.2789; 1.2751; 1.2713; 1.2683
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