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Short-Term Resistance Intact


(U2) Remains Above Support


Fed Day, 75bp Step Eyed

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DOLLAR-CANADA: TECHS: Recovery Reaches Congested $1.2909-$1.2938 Area
*RES 4: $1.3014/16 Jul 3, Jul 4, Jul 5 highs
*RES 3: $1.2938 1.618 swing of $1.2837-$1.2673
*RES 2: $1.2921/27 1% volatility band, Oct 31, Oct 27 highs
*RES 1: $1.2909/17 Nov 30, Oct 27 highs
*PRICE: $1.2874 @1113GMT
*SUP 1: $1.2830/37 Hourly support, Nov 21 high
*SUP 2: $1.2804 Nov 29 low
*SUP 3: $1.2748/54 Nov 24 high, Nov 28 low
*SUP 4: $1.2715 Hourly congestion Nov 23-24
*COMMENTARY* The recovery finally broke through initial $1.2805 resistance on
Tuesday, after some intervening overbought conditions allowed a $1.2754 setback.
This allowed momentum to remain with the upside and to chase down last week's
$1.2837 high and more importantly the 76.4% Fibo retrace at $1.2858. This now
sees congested resistance from between $1.2909-$1.2938 as barring the way
higher. Support from between $1.2837-$1.2804 currently protects the downside.

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