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Maintains A Weaker Tone

USDCAD TECHS
  • RES 4: 1.2957 High Dec 21 and key resistance
  • RES 3: 1.2915 High Dec 23
  • RES 2: 1.2845/81 High Feb 4 / High Jan 28
  • RES 1: 1.2763/2795 High Jan 12 / 50-day EMA
  • PRICE: 1.2672 @ 06:52 GMT Feb 15
  • SUP 1: 1.2661 Low Feb 11
  • SUP 2: 1.2635 Low Jan 22
  • SUP 3: 1.2590 Low Jan 21 and major support
  • SUP 4: 1.2562 Bear channel base drawn off the Jun 26, 2020 high

USDCAD maintains a weaker tone. The recent pullback still appears to be a deeper corrective move however price last week traded through support at 1.2686, Jan 27 low and a key S/T level. This is a bearish development and exposes the Jan 21 trend low of 1.2590 that also marks the bear trigger. Clearance of this level would resume the underlying downtrend. On the upside, a 1.2881 break, Jan 28 high is required to reinstate bullish activity.

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