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Short-Term Reversal

USDCAD TECHS
  • RES 4: 1.2814 High Jan 6 and a key resistance
  • RES 3: 1.2768 50.0% retracement of the Dec 20 - Jan 19 sell-off
  • RES 2: 1.2708 50.0% retracement of the Dec 20 - Jan 19 sell-off
  • RES 1: 1.2680 Intraday high
  • PRICE: 1.2651 @ 15:34 GMT Jan 24
  • SUP 1: 1.2555 Intraday low
  • SUP 2: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
  • SUP 3: 1.2387 Low Nov 10
  • SUP 4: 1.2328 Low Oct 29

USDCAD is firm and appears set to extend its recovery from last week’s 1.2451 low on Jan 19. Price is above the 50-day EMA and the break of this area of resistance at 1.2650 exposes 1.2708 and 1.2768, Fibonacci retracement levels. The strong recovery also threatens the recent bearish theme. On the downside, initial support lies at today’s intraday low of 1.2555. Key support has been defined at 1.2451, Jan 19 low.

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