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TECHS: Bullish outlook down but not...>

DOLLAR-CANADA: TECHS: Bullish outlook down but not out:
*RES 3: 1.3527 High Jun 3
*RES 2: 1.3485 76.4% retracement of the 1.3565-1.3225 decline
*RES 1: 1.3435 61.8% retracement of the 1.3565-1.3225 decline
*PRICE: 1.3302 @ 19:21 GMT June 19
*SUP 1: 1.3285 Intraday low thus far
*SUP 3: 1.3273 Low Jun 12
*SUP 4: 1.3225 Low Jun 10 and key support
USDCAD bears benefited from the Fed decision Wednesday, helping keep the
downside in play, but bears are still having a tough time closing below C$1.33.
This leaves the pullback beginning Tuesday as not a particularly significant
threat for bulls (yet). To the upside, the focus is on the 61.8% retracement of
the 1.3565-1.3225 downleg at 1.3435. A break of this level would open 1.3485
next. From a broader perspective, USDCAD has traded in a choppy manner this
year. As a result, there is no dominant trend so the potential for gains or
losses being viewed merely as short-term.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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