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Bear Leg Extends

USDCAD TECHS
  • RES 4: 1.3009 High Dec 1
  • RES 3: 1.2929 Low Nov 29 and recent breakout level
  • RES 2: 1.2833 High Dec 9
  • RES 1: 1.2790 High Dec 14
  • PRICE: 1.2697 @ 19:57 GMT Dec 15
  • SUP 1: 1.2677 76.4% of the 2017-20 uptrend
  • SUP 2: 1.2603 1.236 proj of Oct 29 - Nov 9 downleg from Nov 13 high
  • SUP 3: 1.2587 2.0% 10-dma envelope
  • SUP 4: 1.2536 1.382 proj of Oct 29 - Nov 9 downleg from Nov 13 high

USDCAD remains weak and resumed its downtrend Tuesday. The break to new lows confirms a resumption of the underlying downtrend and maintains the bearish price sequence of lower lows and lower highs. Moving average studies remain in bear mode while corrections are shallow, reinforcing the bearish theme. The focus is on 1.2677 next, a Fibonacci retracement level. Initial resistance is at 1.2790, Dec 14 high.

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