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CAD Rips on Jobs Data

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: 1.3751 High Nov 4
  • RES 1: 1.3680/3705 High Jan 3 / Dec 16 and the bull trigger
  • PRICE: 1.3470 @ 16:15 GMT Jan 6
  • SUP 1: 1.3467 Low Jan 6
  • SUP 2: 1.3385 Low Dec 5 and a key near-term support
  • SUP 3: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally

USDCAD finished the week on a distinctly bearish note, with solid Canadian jobs data prompting a broad wave of CAD strength. This put prices below the week’s 1.3470 low and within range of key support at the 1.3385 level - the Dec 5 low. Further weakness will be needed, however, before the bullish trend condition fades and the bear trigger at 1.3226 can be considered. Last month's break of trendline resistance, drawn from the Oct 13 high, strengthened the bullish case and this has opened 1.3751, the Nov 4 high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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