CAD remains on the defensive following........>

FOREX: CAD remains on the defensive following yesterday's BoC Business Outlook

Survey which saw the Q1 print come in well under expectations to register its

third consecutive decline in the headline number.

- USDCAD rests on triangle top resistance, returning the focus to the C$1.34

level. A topside break would bring the double-top area into view at C$1.3465/70,

ahead of the Jan 4 high at C$1.3496.

- EURCAD based ahead of up trendline support yesterday, with the recovery

extending through the 200-dma (C$1.5110) to give fresh bullish signals. Rate

cleared the 100-dma (C$1.5133) to C$1.5143 with next resistance at C$1.5174 from

the 38.2% retracement level of the Jan - Feb fall. Consolidation above opens a

run at the C$1.5210/30 zone which has registered a number of previous highs

through 2019.

- CADJPY drifts toward the lower end of its short-term channel. The base comes

in today at Y83.42 with further support located at Y83.13 from the 100-dma.