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Breaches Trendline Resistance

USDCAD TECHS
  • RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3690 61.8% retracement of the Oct 13 - Nov 15 bear leg
  • RES 1: 1.3646 High Nov 29
  • PRICE: 1.3585 @ 08:17 GMT Dec 6
  • SUP 1: 1.3385 Low Dec 5
  • SUP 2: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3139 Low Sep 14

USDCAD traded higher Monday and in the process cleared trendline resistance drawn from the Oct-13 high. The trendline intersects at 1.3549. Attention is on 1.3646, the Nov 29 high, where a break would strengthen bullish conditions and pave the way for a continuation higher near-term towards 1.3690, a retracement level. On the downside, firm support is seen at 1.3385, Monday’s low.

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