Free Trial

TECHS: Bouncing Off Support *RES 3:...>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Bouncing Off Support
*RES 3: 1.3715 Low May 29
*RES 2: 1.3686 High Jun 15 and intraday bull trigger
*RES 1: 1.3630 High Jun 22
*PRICE: 1.3601 @ 17:05 BST Jun 24
*SUP 1: 1.3486 Low Jun 23
*SUP 2: 1.3398 Low Jun 11 and key near-term support
*SUP 3: 1.3316 Low Jun 10 and bear trigger
USDCAD traded lower for much of the Tuesday session before finding a base which
carried the rally through Wednesday trade. The recent move off 1.3316, Jun 10
low continues to highlight a bullish backdrop. The candle pattern on Jun 10 was
a doji, suggesting a potential base at 1.3316. This was reinforced on Jun 11
with a second candle pattern, a bullish engulfing. If correct, these patterns
highlight a trend reversal suggesting further gains are likely near-term.
Initial key support is at 1.3398, Jun 11 low.

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.