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- RES 4: 1.3003 2.0% 10-dma envelope
- RES 3: 1.2949 High Aug 20 and a key resistance
- RES 2: 1.2896 High Sep 20
- RES 1: 1.2768/2854 High Dec 7 / High Dec 3 and the bull trigger
- PRICE: 1.2655 @ 06:50 GMT Dec 9
- SUP 1: 1.2601 50-9day EMA
- SUP 2: 1.2571 50.0% retracement of the Oct 21 - Dec 3 rally
- SUP 3: 1.2493 Low Nov 16
- SUP 4: 1.2422 61.8% retracement of the Oct 21 - Dec 3 rally
USDCAD has reversed lower this week but has stabilized slightly. The sharp pullback has resulted in a break of the 20-day EMA and this has exposed the 50-day EMA at 1.2601. Clearance of this latter EMA would strengthen the bearish threat and open 1.2571, a Fibonacci retracement. Tuesday’s high of 1.2768 is the first resistance. A break would ease bearish pressure and attention would turn to the key resistance at 1.2854, Dec 3 high.