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Outlook Is Bullish

USDCAD TECHS
  • RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3751 High Nov 4
  • RES 1: 1.3619/3705 Intraday high / 16 and the bull trigger
  • PRICE: 1.3593 @ 08:24 GMT Jan 3
  • SUP 1: 1.3484 Low Dec 27
  • SUP 2: 1.3385 Low Dec 5 and a key near-term support
  • SUP 3: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally

USDCAD remains below its recent highs. Despite the pullback from the mid-December highs, short-term conditions remain bullish. Last month's break of trendline resistance, drawn from the Oct 13 high, strengthened the bullish case and this has opened 1.3751, the Nov 4 high. On the downside, the next key support to watch lies at 1.3385, the Dec 5 low. A break would be bearish and potentially expose 1.3226, the Nov 15 low and a bear trigger.

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