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Negates Bearish Candle Pattern

USDCAD TECHS
  • RES 4: 1.3173 High Nov 13, 2020
  • RES 3: 1.3091 High Nov 24, 2020
  • RES 2: 1.3020/24 2.0% 10-dma env / 38.2% Mar ‘20-Jun ‘21 downleg
  • RES 1: 1.2964 High Dec 20
  • PRICE: 1.2957 @ 16:20 GMT Dec 20
  • SUP 1: 1.2764/42 Low Dec 16 / 20-day EMA
  • SUP 2: 1.2706 Low Dec 13
  • SUP 3: 1.2608 Low Dec 8 and key support
  • SUP 4: 1.2585 Low Nov 19

USDCAD made progress through the Wednesday highs ahead of the Monday London close, strengthening the near-term rally and topping the 1.2937 level in the process. Monday’s price action also negates the shooting star reversal pattern posted last week, which marks an important technical break higher. Focus shifts higher to the 1.3020 level and 1.3091 beyond. To the downside, 1.2764 marks first support.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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