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TECHS: Recent Bounce Likely A.........>

DOLLAR-CANADA: TECHS: Recent Bounce Likely A Correction
*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 High Dec 16
*PRICE: 1.3147 @ 10:38 GMT Dec 23
*SUP 1: 1.3103 Low Dec 18
*SUP 2: 1.3075 Low Oct 30
*SUP 3: 1.3042 Low Oct 29 and key support
*SUP 4: 1.3016 Low Jul 19
USDCAD bounced last week off the Dec 18 low. The near-term outlook though
remains bearish. This follows the move on Dec 18 below 1.3115, Dec 16 low.
Furthermore, the pair failed last week to hold above the 61.8% retracement of
the Oct 29 - Nov 20 rally, at 1.3151 leaving the downside exposed. The break
lower paves the way for weakness through 1.3100. A breach of this level would
open 1.3075 and 1.3042. Initial resistance is at 1.3186.

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