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Gains Considered Corrective

  • RES 4: 1.3855/3899 High Nov 10 / 1 and the bull trigger
  • RES 3: 1.3777 High Nov 16
  • RES 2: 1.3712 High Nov 24
  • RES 1: 1.3650 50-day EMA
  • PRICE: 1.3565 @ 08:10 GMT Dec 6
  • SUP 1: 1.3480 Low Dec 4
  • SUP 2: 11.3417 Low Sep 29
  • SUP 3: 1.3401 61.8% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 4: 1.3381 Low Sep 19 and a key support

USDCAD maintains a softer tone following last week’s bearish extension and the latest recovery is considered corrective. The recent break of trendline support, drawn from the Jul 14 low, strengthens the current downtrend and signals scope for a continuation lower near-term. Sights are on 1.3417 next, the Sep 29 low. Initial firm resistance is at 1.3650, the 50-day EMA. A breach of this hurdle is required to ease the current bearish pressure.

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