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Remains Vulnerable

USDCAD TECHS
  • RES 4: 1.3214 61.8% retracement of the Oct 29 - Nov 9 sell-off
  • RES 3: 1.3135/73 50-day EMA / High Nov 13 and the bull trigger
  • RES 2: 1.3123 High Nov 19
  • RES 1: 1.3029/58 High Nov 25 / 20-day EMA
  • PRICE: 1.2933 @ 17:47 GMT Dec 2
  • SUP 1: 1.2916 Low Dec 2
  • SUP 2: 1.2857 Low Oct 4, 2018
  • SUP 3: 1.2821 0.764 proj of Oct 29 - Nov 9 sell-off from Nov 13 high
  • SUP 4: 1.2800 Low Oct 2, 2018

USDCAD remains vulnerable and has traded below 1.2924, Monday's low. The pair stalled at 1.3173 on Nov 13 and while this level remains intact, the outlook is bearish. This has been reinforced as price records fresh low prints for the year, confirming a resumption of the downtrend. The focus is on 1.2857 next, Oct 4 2018 low. On the upside, initial resistance is seen at 1.3029, Nov 25 high.

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