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DOLLAR-CANADA: TECHS: Bull Flag Formation
*RES 4: 1.3205 High Dec 13
*RES 3: 1.3181 High Dec 20 and key resistance
*RES 2: 1.3156 50-dma
*RES 1: 1.3105 High Jan 9
*PRICE: 1.3070 @ 16:44 GMT Jan 21
*SUP 1: 1.3026 Low Jan 9
*SUP 2: 1.2976 Low Jan 8
*SUP 3: 1.2952 Low Dec 31 and bear trigger
*SUP 4: 1.2917 Low Oct 16
The USDCAD outlook is bullish following recent gains and the breach of 1.3070,
Dec 31 high on Jan 9. This highlights a potential base at 1.2952, Dec 31 low and
signals scope for a recovery towards1.3100 and the 50-dma at 1.3156. Note, the
recent consolidation appears to be a bull flag reinforcing a bullish theme. A
failure to hold onto recent highs and a return below 1.3000 would however
threaten the bullish picture and expose 1.2952. A break here opens 1.2917.