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Free AccessTECHS: Bearish Risk Still Present.....>
DOLLAR-CANADA: TECHS: Bearish Risk Still Present
*RES 4: 1.3867 Low May 19
*RES 3: 1.3833 High May 29 and key near-term resistance
*RES 2: 1.3715 Low May 29
*RES 1: 1.3585 High Jun 2
*PRICE: 1.3493 @ 10:50 BST Jun 5
*SUP 1: 1.3468 Low Jun 4
*SUP 2: 1.3462 Low Mar 9 and the 200-dma
*SUP 3: 1.3380 Low Mar 3
*SUP 4: 1.3361 76.4% retracement of the Jan - Mar rally
USDCAD remains under pressure. The break lower this week resulted in a move
through 61.8% of the Jan - Mar rally at 1.3611, setting the scene for a deeper
decline. This has opened 1.3462 next, Mar 9 low and 1.2261 further out, the
76.4% retracement. Momentum studies are also trending lower highlighting the
risk for an extension of this bearish cycle. Key short-term resistance is seen
at 1.3833, May 29 high.
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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.