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Free AccessTECHS: Downside Extension *RES 4:.....>
DOLLAR-CANADA: TECHS: Downside Extension
*RES 4: 1.3270 High Dec 6
*RES 3: 1.3240 High Dec 11
*RES 2: 1.3205 High Dec 13 and initial key resistance
*RES 1: 1.3186 Intraday high
*PRICE: 1.3148 @ 17:34 GMT Dec 16
*SUP 1: 1.3115 Low Nov 5
*SUP 2: 1.3109 76.4% retracement of the Oct 29 - Nov 20 rally
*SUP 3: 1.3075 Low Oct 30
*SUP 4: 1.3042 Low Oct 29 and key support
USDCAD failed Monday to hold above the 61.8% retracement of the Oct 29 - Nov 20
rally, at 1.3151. This confirmed an extension of last week's sell-off and
negates the bullish outlook that we had recently alluded to. The break lower
paves the way for weakness towards the 1.3109, 76.4% level. If the pair trades
below this support, it would open 1.3075 and 1.3042. The latter is the Oct 29
low. Resistance is now seen at 1.3186 initially ahead of 1.3205.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.