FINANCIALS: Caixabank - New issue - € B'mark 11NC10 Sr Non-Pref - FV

• TRUDEAU SAYS `WE HAVE A LOT OF WORK TO DO'
• TRUDEAU WANTS GOVT TO PREPARE FOR NEW US ADMINISTRATION
• TRUDEAU DOESN'T ADDRESS QUESTIONS ABOUT HIS LEADERSHIP

• RES 4: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
• RES 3: 1.4537 2.0% 10-dma envelope
• RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
• RES 1: 1.4467 High Dec 19 
• PRICE: 1.4356 @ 16:56 GMT Dec 20
• SUP 1: 1.4301 Low Dec 18  
• SUP 2: 1.4174/4014 20- and 50-day EMA values 
• SUP 3: 1.3928 Low Nov 25 and a key support
• SUP 4: 1.3822 Low Nov 6

USDCAD bulls remain in the driver’s seat. While price faded into the Thursday close, the recent breach of 1.4178, the Nov 26 high, confirmed a resumption of the uptrend and this maintains the price sequence of higher highs and higher lows. The latest rally opens 1.4508 next, a Fibonacci projection level. Initial firm support to watch lies at 1.4174, the 20-day EMA. A pullback would be considered corrective.   

• RES 4: 0.6550 High Nov 25
• RES 3: 0.6501 50-day EMA               
• RES 2: 0.6429 High Dec 12  
• RES 1: 0.6337/6396 Low Dec 11 / 20-day EMA
• PRICE: 0.6263 @ 16:55 GMT Dec 20
• SUP 1: 0.6199 Low Dec 19 
• SUP 3: 0.6158 1.236 proj of the Sep 30 - Nov 6 - 7 price swing
• SUP 3: 0.6100 Round number support 
• SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing

The trend needle in AUDUSD continues to point south and this week’s fresh cycle lows and Wednesday’s sell-off, reinforce a bear theme. The move down maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend. The break lower opens 0.6158 next, a Fibonacci projection. Initial firm resistance to watch is 0.6396, the 20-day EMA.