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TECHS: False Recovery *RES 4:.........>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: False Recovery
*RES 4: 1.3383 High Sep 3
*RES 3: 1.3331 61.8% retracement of the Jun - Dec decline
*RES 2: 1.3329 High Feb 10 and key resistance
*RES 1: 1.3296 High Feb 2
*PRICE: 1.3252 @ 17:33 GMT Feb 18
*SUP 1: 1.3227 Low Feb 3 / 17
*SUP 2: 1.3191 Low Jan 30
*SUP 3: 1.3172 Trendline support drawn off the Jan 7 low
*SUP 4: 1.3155 Low Jan 28 and 29
USDCAD found resistance last week at Wednesday's high of 1.3329 and remains
under pressure with a top established for now. The move lower signals the onset
of a correction that has scope to extend towards 1.3227 next and 1.3191, the Feb
3 and Jan 30 lows respectively. This is allowing a recent overbought condition
to unwind. Note that trendline support lies at 1.3172, drawn off the Jan 7 low.
Initial resistance is seen at 1.3296, Feb 12 high.

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