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- RES 4: 1.2999 50-day EMA
- 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 / 16
- PRICE: 1.2719 @ 17:23 GMT Dec 17
- 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: 1.2524 2.0% 10-dma envelope
- SUP 4: 1.2536 1.382 proj of Oct 29 - Nov 9 downleg from Nov 13 high
USDCAD is consolidating. The pair resumed its downtrend Tuesday before stabilising and bouncing Wednesday. The outlook is bearish. The break to new lows confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. MA studies are in bear mode and corrections are shallow, reinforcing the bearish theme. The focus is on 1.2677, a Fibonacci retracement. Initial resistance is at 1.2790, Dec 14 high.