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TECHS: Bearish Conditions Intact

DOLLAR-CANADA


  • RES 4: 1.3460/91 High Jul 30 / Low Jul 9
  • RES 3: 1.3399 High Aug 7 and key resistance
  • RES 2: 1.3361 20-day EMA
  • RES 1: 1.3347 High Aug 12
  • PRICE: 1.3255 @ 06:36 BST Aug 17
  • SUP 1: 1.3192 Low Aug 13 and the bear trigger
  • SUP 2: 1.3132 3.0% Lower Bollinger Band
  • SUP 3: 1.3057 61.8% retracement of the 2017 - 2020 rally
  • SUP 4: 1.3039 2.0% 10-dma envelope
USDCAD, remains bearish. Prices printed a new multi-month low Thursday at 1.3192, extending the sell-off after breaking below the Jun 10 low of 1.3316 on Aug 5. This reinforces underlying bearish conditions and raises the likelihood of a test of the Dec 31 2019 low at 1.2952 further out. The next key objective rests at 1.3057, 61.8% Fibonacci retracement of the 2017 - 2020 Rally. Key resistance is at 1.3399, Aug 7 high.

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