February 12, 2024 21:00 GMT
Directional Triggers Defined
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: 1.3544 High Feb 5 and 6 and bull trigger
- PRICE: 1.3442 @ 16:21 GMT Feb 12
- SUP 1: 1.3413/3359 Low Feb 09 / Jan 31 and key S/T support
- SUP 2: 1.3343 Low Jan 12
- SUP 3: 1.3288 Low Jan 5
- SUP 4: 1.3229 Low Feb 1
USDCAD attention is on key short-term resistance at 1.3544, the Feb 5 / 6 high. For bulls, a clear break of this hurdle would confirm a resumption of the uptrend that started Dec 27 and open 1.3623, 61.8% of the Nov 1 - Dec 27 bear leg. Key support to watch lies at 1.3359, the Jan 31 low. Clearance of this level would instead highlight a bearish development. 1.3542 and 1.3359 represent important directional triggers.
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