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DOLLAR-CANADA: TECHS: Building Momentum
Lack of NAFTA headlines saw USDCAD regain the 1.2900 level yesterday, with the
recovery building through Europe. Bulls look for a break back above the 50-dma
at 1.3054 and 50% retracement level at 1.3101 to return the focus to the upside
and extend longer-term gains. Bears need a break back under 1.2900 to challenge
the 200-dma at 1.2866. Below here would suggest a large topping pattern is
unfolding, opening channel base support at 1.2792.