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Resistance Remains Intact

USDCAD TECHS
  • RES 4: 1.3855/3899 High Nov 10 / 1 and the bull trigger
  • RES 3: 1.3777 High Nov 16
  • RES 2: 1.3712 High Nov 24
  • RES 1: 1.3639 50-day EMA
  • PRICE: 1.3605 @ 08:04 GMT Dec 13
  • SUP 1: 1.3480 Low Dec 4 and the bear trigger
  • SUP 2: 11.3417 Low Sep 29
  • SUP 3: 1.3401 61.8% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 4: 1.3381 Low Sep 19 and a key support

The USDCAD trend outlook remains bearish and the recent recovery appears to be a correction. The breach of trendline support on Nov 24, drawn from the Jul 14 low, strengthens the current downtrend and signals scope for a continuation lower near-term. Sights are on 1.3417 next, the Sep 29 low. Initial firm resistance is at 1.3639, the 50-day EMA. A break of this hurdle is required to ease the current bearish pressure.

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