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TECHS: 200-dma Is Key USDCAD closed...>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: 200-dma Is Key
USDCAD closed below the 200-dma on Friday for the first time since Feb 27, a
feat repeated on Monday. Rate printed a low of 1.3226 Monday, before meeting
support from the 50% fibo of 1.2783-1.3665. Despite this, recovery efforts have
so far remained shallow and keeps the recent downtrend intact. Further support
is located on approach to the 1.32 level, ahead of the Feb 20 low at 1.3163.
Bulls need to recover the 200-dma at 1.3275 to change the outlook, before
returning the focus to Jun 7 hourly resistance & cloud base at 1.3313/17.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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