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Free AccessCorrective Bounce Finds Resistance
- RES 4: 1.3071 2.0% 10-dma envelope
- RES 3: 1.3029 High Nov 25
- RES 2: 1.2964 50-day EMA
- RES 1: 1.2957 High Dec 21
- PRICE: 1.2820 @ 07:07 GMT Dec 29
- SUP 1: 1.2777 Low Dec 21
- SUP 2: 1.2688/77 Low Dec 15 / 76.4% of the 2017-20 uptrend
- SUP 3: 1.2603 1.236 proj of Oct 29 - Nov 9 downleg from Nov 13 high
- SUP 4: 1.2528 2.0% 10-dma envelope
USDCAD is slightly weaker. Near-term attention however remains on recent strength that highlights a corrective phase the pair has entered. This is allowing the recent oversold conditions to unwind. An extension higher would signal scope for a climb towards 1.2964 initially, the 50-day EMA. On the downside, clearance of 1.2688 would resume the downtrend. Initial support lies at 1.2777, Dec 21 low.
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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.