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Bears Remain In The Driver’s Seat

  • RES 4: 1.3712 High Nov 24
  • RES 3: 1.3619 High Dec 7 and 12 and key short-term resistance
  • RES 2: 1.3576 50-day EMA
  • RES 1: 1.3415/3495 High Dec 15 / 20-day EMA
  • PRICE: 1.3247 @ 15:41 GMT Dec 22
  • SUP 1: 1.3219 Low Dec 22
  • SUP 2: 1.3184 Low Aug 1
  • SUP 3: 1.3175 2.0% 10-dma envelope
  • SUP 4: 1.3151 Low Jul 31

The USDCAD trend outlook remains bearish and price traded lower again Friday. The pair has recently cleared the bear trigger at 1.3480, the Dec 4 low. That break confirmed a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. Sights are on 1.3184, the Aug 1 low. On the upside, key short-term resistance has been defined at 1.3619, the Dec 7 / 12 high.

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