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Market Recap: 7 - 11 January

 

 
On Tuesday last week we covered UK Oil which since writing has continued to move higher to multi-week highs above $62, before easing a little to start the new week. The current key level remains $58, as it has met some resistance at this level around a week ago and eased lower, which was to be expected after this level offered strong support to oil to finish last year. 
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USDCAD - Drops Sharply from 18 Month High above 1.36 as BOC Sits

 

 
The last week or so has seen the USDCAD move sharply from an 18 month high above 1.36 down to the current key level of 1.32, which has remarkably seen a significant move of more than 400 pips in around six days. Throughout the last 12 months the 1.32 level has been significant for the currency pair so you could reasonably expect to see some buying to support the price. For several months in the second half of 2018 the 1.32 level was significant repelling prices lower although in November this level was cleared, which then saw the 1.32 level propping up prices.
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Market Recap: 10 - 14 December

 

 
On Tuesday last week we covered the GBPUSD and the key level at the time and remains 1.27.To start last week the GBPUSD fell sharply to its lowest levels in almost two years as the strong support at 1.27 gave way to immense selling pressure.In the week prior the sterling was again enjoying much needed support from this level as it had firmly established as a key support level as the currency pair had enjoyed considerable support from this level on several occasions in the last few months.
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USDCAD - Eases from 18 Month High above 1.34 after BOC Sits

 

 
The last couple of weeks have seen the USDCAD move sharply up to an 18 month high above 1.34 although in the last week it has eased a little. For several months of this year the 1.32 level was significant repelling prices lower although earlier last month this level was cleared, which then saw the 1.32 level propping up prices. Should the USDCAD continue its decline, it is likely the 1.32 level will continue to support prices having been a resistance level for as long as it was. The other key level although a little more distant is the well-established 1.29 level which has supported the currency pair well in the last few months.
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USDCAD - Eyes off Resistance at 1.32 after BOC Raises Rates

 

 
The last few weeks has seen the USDCAD move sharply in both directions, reaching a two week high around 1.3080 before falling sharply to a four month low below 1.28. In the last few days it has reversed strongly again and surged higher towards 1.3150 threatening to return and challenge the resistance at the key 1.32 level. A few weeks ago the USDCAD eased lower however enjoyed support again from the well-established 1.29 level allowing it to climb higher, which again proves how key that level is for the currency pair. On several occasions in the last couple of months the USDCAD has bounced solidly off this key level as the buyers were prepared to jump in again and push the USDCAD higher. At the end of August the USDCAD surged higher strongly from the support at 1.29 up to reach a six week high just above 1.32.
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USDCAD - Continues to Enjoy Support from 1.29 after BOC Survey

 

 
The last few weeks has seen the USDCAD move sharply in both directions, reaching a two week high around 1.3080 before falling sharply to a four month low below 1.28 before surging higher again towards 1.3080. In the last week the USDCAD has eased lower however enjoyed support again from the well-established 1.29 level allowing it to climb higher. Several weeks ago the USDCAD bounced solidly off this key level as the buyers were prepared to jump in again and push the USDCAD a little higher, after dropping sharply from recent resistance around 1.32. At the end of August the USDCAD surged higher strongly from the support at 1.29 up to reach a six week high just above 1.32.
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USDCAD - Fights to Return Above 1.29 as BOC Poised to Move

 

 
The last couple of weeks has seen the USDCAD move sharply in both directions, reaching a two week high around 1.3080 before falling sharply to a four month low below 1.29 a week ago. It has done well to rally higher in the last week after dropping through the key 1.29 level and get back above this level. A couple of weeks ago the USDCAD bounced solidly off this key level as the buyers were prepared to jump in again and push the USDCAD a little higher, after dropping sharply from recent resistance around 1.32. About a month ago the USDCAD surged higher strongly from the support at 1.29 up to reach a six week high just above 1.32.
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USDCAD - Bounces off Support at 1.29 Again

 

 
The last few weeks has seen the USDCAD drop from recent resistance around 1.32 down to the current key level of 1.29. In doing so, it has bounced solidly off this key level as the buyers have been prepared to jump in again and push the USDCAD a little higher. It was only several weeks ago that the USDCAD surged higher strongly from the support at 1.29 up to reach a six week high just above 1.32. The USDCAD settled a little for around a week right around the 1.32 level. The USDCAD has spent a lot of this year trading roughly around 1.29 therefore it would have been of little surprise that this level did provide support to the USDCAD again.
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USDCAD - Settles Around 1.32 after BOC Sits at 1.5%

 

 
After surging strongly higher from support at 1.29, the USDCAD has settled a little in the last week right around the 1.32 level. It wasn’t so long ago the USDCAD was falling sharply down to a two month low before enjoying the solid support from the well-established level at 1.29. It has spent a lot of this year trading roughly around 1.29 as it appeared that the USDCAD had been content to trade right around the key 1.29 level for some time a few months ago. It would have been of little surprise that this level did provide support to the USDCAD. Generally over the last couple of months the USDCAD has drifted lower from highs near 1.34.
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USDCAD - Eyes on Key Support Level of 1.29 after Poloz Comments

 

 
In the last week or so the USDCAD has eased lower to a two month low near 1.2950 after recently reaching a three week high above 1.3150 a couple of weeks ago. It has spent a lot of this year trading roughly around 1.29 as it appeared that the USDCAD had been content to trade right around the key 1.29 level for some time. This level is likely to act as support should the USDCAD decline from its current levels. Generally over the last couple of months the USDCAD has drifted lower from highs near 1.34.
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