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DOLLAR-CANADA: TECHS: Bullish Focus
*RES 4: 1.3205 High Dec 13
*RES 3: 1.3181 High Dec 20 and key resistance
*RES 2: 1.3166 50-dma
*RES 1: 1.3105 High Jan 9
*PRICE: 1.3045 @ 17:17 GMT Jan 16
*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 focus is on the upside following last week's break of resistance at
1.3042 and 1.3070. This highlights a potential base at the recent 1.2952 low
from Dec 31. If correct, recent price action signals scope for a recovery above
1.3100 towards the 50-dma at 1.3166. A failure to hold onto recent highs and a
return below 1.3000 would offset the bullish implications of recent gains and
expose key support at 1.2952. A break here would open 1.2917.