• RES 4: 1.4013 2.0% 10-dma envelope
• RES 3: 1.3977 High Oct 13 2022 and a major resistance
• RES 2: 1.3855/3899 High Nov 10 / 1 and the bull trigger
• RES 1: 1.3777 High Nov 16
• PRICE: 1.3696 @ 16:54 GMT Nov 23
• SUP 1: 1.3674 Trendline drawn from the Jul 14 low
• SUP 2: 1.3629 Low Nov 6 and key support
• SUP 3: 1.3591 38.2% retracement of the Jul 14 - Nov 1 bull phase
• SUP 4: 1.3417 Low Sep 29

USDCAD rallies were sold Wednesday and the pair traded lower again Thursday, briefly piercing trendline support. Price is through support at the 50-day EMA and is approaching trendline support at 1.3674 - drawn from the Jul 14 low. A break of this line would undermine the recent bullish theme. Note that 1.3629 also represents an important support, the Nov 6 low. Clearance of this level would confirm a short-term reversal. Initial resistance to watch is at 1.3777, the Nov 16 high.