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Bears Remain In The Driver’s Seat

USDCAD TECHS
  • RES 4: 1.3855/3899 High Nov 10 / 1 and the bull trigger
  • RES 3: 1.3777 High Nov 16
  • RES 2: 1.3712 High Nov 24
  • RES 1: 1.3619 High Dec 7 and 12 and key short-term resistance
  • PRICE: 1.3408 @ 16:47 GMT Dec 14
  • SUP 1: 1.3407 Low Dec 14
  • SUP 2: 1.3401 61.8% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 3: 1.3381 Low Sep 19 and a key support
  • SUP 4: 1.3278 2.0% 10-dma envelope

The USDCAD trend outlook deteriorated further Thursday, tripped the bear trigger at 1.3480, the Dec 4 low. This confirms a resumption of the downtrend and ends the consolidation phase posted since the beginning of December. This maintains the bearish price sequence of lower lows and lower highs. Sights are on 1.3401, the 61.8% retracement of the Jul 14 - Nov 1 bull phase. On the upside, key short-term resistance has been defined at 1.3619, the Dec 7 / 12 high.

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