Free Trial

Multi-month Lows *RES 3: 1.3240.......>

DOLLAR-CANADA
DOLLAR-CANADA: Multi-month Lows
*RES 3: 1.3240 High Dec 11
*RES 2: 1.3205 High Dec 13 and initial key resistance
*RES 1: 1.3186 High Dec 16
*PRICE: 1.3118 @ 17:02 GMT Dec 18
*SUP 1: 1.3103 Low Dec 18
*SUP 2: 1.3075 Low Oct 30
*SUP 3: 1.3042 Low Oct 29 and key support
USDCAD struck multi-month lows Wednesday and remains vulnerable having failed
Monday to hold above the 61.8% retracement of the Oct 29 - Nov 20 rally, at
1.3151. This confirmed an extension of last week's sell-off and negates the
bullish outlook that we had recently highlighted. The break lower paves the way
for weakness through 1.3100. A breach of this support would open 1.3075 and
1.3042. The latter is the Oct 29 low. Resistance is seen at 1.3186 initially
ahead of 1.3205.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.