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Free AccessTECH: Recovers Off Recent Lows *RES...>
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.
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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.