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Resistance Remains Intact For Now

USDCAD TECHS
  • RES 4: 1.3661 High Nov 27
  • RES 3: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 2: 1.3608 High Dec 13
  • RES 1: 1.3544 High Feb 5 and 6 and bull trigger
  • PRICE: 1.3455 @ 07:59 GMT Feb 13
  • SUP 1: 1.3413/3359 Low Feb 09 / Jan 31 and key S/T support
  • SUP 2: 1.3343 Low Jan 12
  • SUP 3: 1.3288 Low Jan 5
  • SUP 4: 1.3229 Low Feb 1

USDCAD is unchanged and attention is on key short-term resistance at 1.3544, the Feb 5 / 6 high. A clear break of this hurdle would confirm a resumption of the uptrend that started Dec 27 and open 1.3623, 61.8% of the Nov 1 - Dec 27 bear leg. Key support to watch lies at 1.3359, the Jan 31 low. Clearance of this level would instead highlight a bearish development. 1.3542 and 1.3359 represent important directional triggers.

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