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Corrective Pullback Extends

USDCAD TECHS
  • RES 4: 1.3661 High Nov 27
  • RES 3: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 2: 1.3608 High Dec 13
  • RES 1: 1.3542 High Jan 17 and the bull trigger
  • PRICE: 1.3400 @ 2056 GMT Jan 30
  • SUP 1: 1.3382 Low Jan 15
  • SUP 2: 1.3343 Low Jan 12
  • SUP 3: 1.3288/3177 Low Jan 5 / Low Dec 27
  • SUP 4: 1.3093 Low Jul 14 and key support

The latest short-term pullback in USDCAD is - for now - considered corrective. Recent gains have reinforced a bullish theme and sights are on 1.3542, the Jan 17 high and bull trigger. Clearance of this level would confirm a resumption of the bull cycle that started Dec 27 and open 1.3623, 61.8% of the Nov 1 - Dec 27 bear leg. The next key support lies at 1.3343, the Jan 12 low. A break of this level would be a bearish development.

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