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DOLLAR-CANADA: TECH: Recovers Off Recent Lows
*RES 4: 1.4265 High Apr 21 and the bull trigger
*RES 3: 1.4198 High Apr 23
*RES 2: 1.4173 High May 7 and key near-term resistance
*RES 1: 1.4065 Intraday high
*PRICE: 1.4034 @ 06:18 BST May 12
*SUP 1: 1.3900 Low May 11
*SUP 2: 1.3851 Low Apr 30 and bear trigger
*SUP 3: 1.3812 50.0% retracement of the rally between Jan 7 - Mar 19
*SUP 4: 1.3734 Low Mar 16
USDCAD was firmer yesterday. The focus is on Fibonacci retracements drawn from
the March - April decline. The 23.6% retracement at 1.2341 has been probed today
and a clear break would open 1.4173, May 7 high and just above the 38.2%
retracement at 1.4163. A break of 1.4173 is required to reinstate a bullish
theme. If price fails to extend higher though, a weaker tone would remain in
place with attention on support and bear trigger at 1.3851, the Apr 30 low.