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DOLLAR-CANADA: TECHS: Upside Focus
*RES 3: 1.3181 High Dec 20 and key resistance
*RES 2: 1.3174 50-dma
*RES 1: 1.3105 High Jan 9
*PRICE: 1.3048 @ 16:08 GMT Jan 10
*SUP 1: 1.3026 Low Jan 10
*SUP 2: 1.2976 Low Jan 8
*SUP 3: 1.2952 Low Dec 31 and bear trigger
USDCAD rallied Thursday but had a far quieter session Friday (despite the
Canadian jobs report release). The clearance of 1.3042 and 1.3070 suggests a
potential base at the recent 1.2952 low, Dec 31. If correct, this signals scope
for a stronger recovery above 1.3100 towards the 50-dma at 1.3174. A failure to
hold onto the highs and, a return initially below 1.3000 would likely offset the
bullish implication of this weeks bounce and again expose key support at 1.2952.
A break here would open 1.2917, Oct 16 low, 2018.