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Support Lies At The Former Trendline Resistance

USDCAD TECHS
  • RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3751 High Nov 4
  • RES 1: 1.3700 High Dec 7
  • PRICE: 1.3562 @ 15:55 GMT Dec 14
  • SUP 1: 1.3481/3385 Former trendline resistance / Low Dec 5
  • SUP 2: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3139 Low Sep 14

USDCAD faded off recent highs Tuesday, bringing former trendline resistance at 1.3481 into view. A bullish theme remains in place while price trades above 1.3481 - the trendline break last week strengthened bullish conditions and a resumption of gains would open 1.3751, the Nov 4 high. On the downside, a break below former-trendline resistance would flip the outlook more negative and expose 1.3385, the Dec 5 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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