MNI: BOC Says Has Made Progress on Inflation, Must Finish Job

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Bearish Threat Remains Present

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and a key resistance
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2878 High Feb 24 and a key near-term resistance
  • RES 1: 1.2792 High Mar 4
  • PRICE: 1.2703 @ 08:16 GMT Mar 7
  • SUP 1: 1.2587 Low Mar 3
  • SUP 2: 1.2552 76.4% retracement of the Jan 19 - Feb 24 rally
  • SUP 3: 1.2499 Low Jan 21
  • SUP 4: 1.2451 LowJan 19 and a key support

USDCAD last week recovered well from the week’s low of 1.2587. The short-term outlook remains bearish. The recent move lower marks an extension of the reversal from 1.2878, Feb 24 high and still signals potential for a deeper retracement of the recent Jan 19 - Feb 24 upleg. The pair has breached 61.8% of this bull cycle and this has opened 1.2552, the 76.4% retracement. Initial resistance is seen at Friday’s 1.2792 high.

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