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Free AccessTECHS: Bull Flag Formation *RES 4:....>
DOLLAR-CANADA: TECHS: Bull Flag Formation
*RES 4: 1.3205 High Dec 13
*RES 3: 1.3181 High Dec 20 and key resistance
*RES 2: 1.3156 50-dma
*RES 1: 1.3105 High Jan 9
*PRICE: 1.3070 @ 16:44 GMT Jan 21
*SUP 1: 1.3026 Low Jan 9
*SUP 2: 1.2976 Low Jan 8
*SUP 3: 1.2952 Low Dec 31 and bear trigger
*SUP 4: 1.2917 Low Oct 16
The USDCAD outlook is bullish following recent gains and the breach of 1.3070,
Dec 31 high on Jan 9. This highlights a potential base at 1.2952, Dec 31 low and
signals scope for a recovery towards1.3100 and the 50-dma at 1.3156. Note, the
recent consolidation appears to be a bull flag reinforcing a bullish theme. A
failure to hold onto recent highs and a return below 1.3000 would however
threaten the bullish picture and expose 1.2952. A break here opens 1.2917.
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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.