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Corrective Bounce


Draghi Govt On Brink Of Collapse

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DOLLAR-CANADA: TECHS: usdcad rallies sharply. Of interest from a technical
perspective is the fact that the 61.8% retracement of the rally between Oct 29
and Nov 20 at 1.3151 has remained intact (yesterday's low is 1.3159). This is a
bullish technical development and, together with today'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 this week's sharp sell-off though,
gains firstly above 1.3300 are required followed by a test and break of key
resistance at 1.3328, Nov 20 high. So still a lot of work to do before a
convincing bullish theme returns.

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