USDCAD in the past month has set a high near 1.2910, which was re-tested at the beginning of November. The buyers did not have the strength to continue the uptrend, what was confirmed by breaking the local support area between 1.2780 – 1.2815.
The price then reached the next defence level at 1.2695, where is also a 50% abolition of the last growth impulse, which began on 19th October. Reflection from this level led to a re-test of the broken support area 1.2780 – 1.2815, which turned into resistance.
The story is repeated again and now the price is back to support at 1.2695. The short-term upward trend line from this year’s minima is also closer.
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If the sellers would be able to beat these two levels, the price could slide to 1.2590, where is resistance which already halted the bulls twice in the previous month. Next support is around 1.2450.
