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Free AccessTECHS: Sharp Reversal Friday *RES.....>
DOLLAR-CANADA: TECHS: Sharp Reversal Friday
*RES 4: 1.3348 High Oct 3
*RES 3: 1.3328 High Nov 20 and initial key resistance
*RES 2: 1.3298 High Dec 4
*RES 1: 1.3270 High Dec 6
*PRICE: 1.3256 @ 06:13 GMT Dec 9
*SUP 1: 1.3172 Low Dec 6
*SUP 2: 1.3159/51 Low Dec 5 / 61.8% of the Oct 29 to Nov 20 rally
*SUP 3: 1.3109 76.4% retracement of the Oct 29 - Nov 20 rally
*SUP 4: 1.3075 Low Oct 30
USDCAD rallied sharply Friday. Of interest is the fact that the 61.8%
retracement of the Oct 29 to Nov 20 rally at 1.3151 has remained intact. This is
a bullish technical development and, together with Friday's post labour data
rally, if the USD is able to maintain a bid tone potential would be seen for an
extension higher towards 1.3300. To negate last week's early sell-off though, a
break of 1.3328, Nov 20 high is required. Key support is at 1.3159.
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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.