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DOLLAR-CANADA: TECHS: Bull Flag Could Form
After Friday's disappointing headline CPI and retail sales data, USDCAD closed
above the key 1.3066/68 level (100-dma and 38.2% retracement from 2016 highs to
2017 lows). USDCAD held above this level Monday and traded in a very tight
range. A close above Friday's high at 1.3132 would allow the downtrend to give
way triggering a bull flag formation and shifting the outlook firmly positive.
Bears need to break the 50-dma/61.8% retracement at 1.3015/13 to regain control,
bringing the 200-dma at 1.2904 into focus. Below here opens the 50% fibo of 2018
range at 1.2819, ahead of the Oct 1 low at 1.2789.