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Bearish Focus

  • RES 4: 1.3751 High Nov 4
  • RES 3: 1.3705 Dec 16 and the bull trigger
  • RES 2: 1.3665 High Jan 6
  • RES 1: 1.3452/3521 20-day EMA / High Jan 19
  • PRICE: 1.3417 @ 16:25 GMT Jan 25
  • SUP 1: 1.3340 Low Jan 25
  • SUP 2: 1.3322 Low Jan 13
  • SUP 3: 1.3226 Low Nov 15 and bear trigger
  • SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally

USDCAD finished higher into the Wednesday close, however bulls were left wanting given the shallow recovery. This keeps prices within range of the recent lows. A bearish threat remains present for now. This follows the pullback from 1.3521 last week, the Jan 19 high. A continuation lower would expose support at 1.3322, the Jan 13 low, where a break would signal scope for an extension towards 1.3226, the Nov 13 low and the bear trigger. On the upside, the pair needs to break above 1.3521 to signal a reversal.

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