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Outlook Remains 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: 1.3705 High Dec 16
  • PRICE: 1.3653 @ 16:47 GMT Dec 22
  • SUP 1: 1.3519 Low Dec 14
  • SUP 2: 1.3414/3385 Former trendline resistance / Low Dec 5
  • 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 short-term conditions remain bullish. The recent break of trendline resistance, drawn from the Oct 13 high, strengthened the bullish argument and this has opened 1.3751, the Nov 4 high. On the downside, a break below the former trendline resistance - at 1.3414 - would be bearish and expose 1.3385, the Dec 5 low. Initial key support to watch lies at 1.3519, the Dec 14 low.

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

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