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: 1.3175 @ 16:09 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.