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Range Bound

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and a key resistance
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2843 76.4% retracement of the Dec 20 - Jan 19 sell-off
  • RES 1: 1.2797 High Jan 28 and a key resistance
  • PRICE: 1.2748 @ 06:52 GMT Feb 23
  • SUP 1: 1.2636 Low Feb 10 and key short-term support
  • SUP 2: 1.2560 Low Jan 26
  • SUP 3: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
  • SUP 4: 1.2387 Low Nov 10

USDCAD traded higher Tuesday but continues to trade inside its range. A key short-term support lies at 1.2636, Feb 10 low. While this level holds, a positive outlook dominates following the recent recovery from 1.2451, Jan 19 low that resulted in a climb above the 50-day EMA and a move through 1.2768, 61.8% of the Dec 20 - Jan 19 sell-off. A break higher would open 1.2843, the 76.4% value. Sub 1.2636 levels would threaten the bullish theme.

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