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Watching Support At The Former Trendline Resistance

USDCAD TECHS
  • RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3751 High Nov 4
  • RES 1: 1.3700 High Dec 7
  • PRICE: 1.3572 @ 08:01 GMT Dec 15
  • SUP 1: 1.3470/3385 Former trendline resistance / Low Dec 5
  • SUP 2: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3139 Low Sep 14

USDCAD remains below Tuesday’s high and attention is on the former trendline resistance at 1.3470. A bullish theme remains in place while price trades above 1.3470. The trendline, drawn from the Oct 13 high, was breached last week and this strengthened bullish conditions opening 1.3751, Nov 4 high. On the downside, a break below the former-trendline resistance would flip the outlook more negative and expose 1.3385, Dec 5 low.

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