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- RES 4: 1.2924 High Dec 22
- RES 3: 1.2814 High Jan 6 and a key resistance
- RES 2: 1.2732 High Jan 7
- RES 1: 1.2621/2646 Low Dec 31 / 20-day EMA
- PRICE: 1.2497 @ 16:50 GMT Jan 19
- SUP 1: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
- SUP 2: 1.2387 Low Nov 10
- SUP 3: 1.2328 Low Oct 29
- SUP 4: 1.2288 Low Oct 21 and a key support
USDCAD is consolidating. Bears remain in control though and a recent head and shoulders reversal pattern continues to highlight a bearish threat. The break of support at 1.2621, Dec 31 low has strengthened a bearish case and has opened 1.2448, 76.4% of the Oct - Dec rally. A move through this chart point would open 1.2387, the Nov 10 low. Initial resistance is at 1.2621. A firmer short-term resistance is at 1.2646, the 20-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.