USDCAD TECHS: Fresh Cycle High

• RES 4: 1.4393 2.0% 10-dma envelope  
• RES 3: 1.4327 2.382 proj of the Oct 17 - Nov 1 - 6 price swing
• RES 2: 1.4296 2.236 proj of the Oct 17 - Nov 1 - 6 price swing
• RES 1: 1.4246 2.00 proj of the Oct 17 - Nov 1 - 6 price swing
• PRICE: 1.4229 @ 07:53 GMT Dec 13
• SUP 1: 1.4069/3944 20- and 50-day EMA values  
• SUP 2: 1.3928 Low Nov 25 and a key support 
• SUP 3: 1.3822 Low Nov 6
• SUP 4: 1.3747 Low Oct 17

The trend direction in USDCAD remains up and this week’s gains to a fresh cycle high, reinforces the current bullish theme. The pair has cleared 1.4178, the Nov 26 high, to confirm resumption of the uptrend and maintain the price sequence of higher highs and higher lows. Sights are on 1.4246 next, a Fibonacci projection. Key short-term support has been defined at 1.3928, the Nov 25 low. Initial support to watch lies at 1.4069, the 20-day EMA.