BOC DISCUSSED BOTH A 25BP AND A 50BP CUT AS OPTIONS

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MNI China Daily Summary: Wednesday, December 11

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US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

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Recent Lows Remain Intact

USDCAD TECHS
  • RES 4: 1.2957 High Dec 21 and a reversal trigger
  • RES 3: 1.2880 50-day EMA
  • RES 2: 1.2835 High Nov 11
  • RES 1: 1.2747 High Jan 13
  • PRICE: 1.2687 @ 06:50 GMT Jan 14
  • SUP 1: 1.2659/30 Low Jan 8 / Low Jan 6 and the bear trigger
  • SUP 2: 1.2603 1.236 proj of Oct 29 - Nov 9 downleg from Nov 13 high
  • SUP 3: 1.2586 Low Apr 19, 2018
  • SUP 4: 1.2536 1.382 proj of Oct 29 - Nov 9 downleg from Nov 13 high

USDCAD has reversed Monday's gains. Price action however remains above 1.2630, Jan 6 low. The underlying trend is bearish and short-term gains, if seen, would likely be a correction. The recent break of 1.2688, Dec 15 low confirmed a resumption of the downtrend in place since March 2020. A resumption of the trend would open 1.2603, a Fibonacci projection. On the upside, a stronger correction would expose 1.2873, the 50-day EMA.

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