MNI China Daily Summary: Monday, June 17

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Drifting

USDCAD TECHS
  • RES 4: 1.2653 High Apr 21 and a key resistance
  • RES 3: 1.2535 High Apr 22
  • RES 2: 1.2487/2501 High Jun 21 / 76.4% of Apr 21 - Jun 1 sell-off
  • RES 1: 1.2428 High Jul 1
  • PRICE: 1.2350 @ 16:55 BST Jul 2
  • SUP 1: 1.2291/53 20-day EMA / Low Jun 23 and a key S/T support
  • SUP 2: 1.2157 Low Jun 16
  • SUP 3: 1.2057 Low Jun 7
  • SUP 4: 1.2007 Low May 18 and key support

USDCAD drifted throughout the Friday session, reversing some of the gains posted since the beginning of the week. Nonetheless, the short-term condition remains bullish. A positive theme follows the strong recovery between Jun 1 - 21 that confirmed a short-term reversal. The pair has also cleared the 50-day EMA reinforcing current short-term bullish conditions. Attention is on 1.2501, a Fibonacci retracement. A break would open 1.2653, Apr 21 high and an important resistance. Initial firm support is seen at 1.2253, Jun 23 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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