Free Trial

TECHS: Bullish outlook remains in.....>

DOLLAR-CANADA: TECHS: Bullish outlook remains in place:
*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: 1.3379 @ 09:10 GMT June 19
*SUP 1: 1.3365 Intraday low thus far
*SUP 2: 1.3323 Low Jun 14, the last standard line candle pattern
*SUP 3: 1.3273 Low Jun 12
USDCAD's pullback yesterday has not at least yet, developed into a significant
threat for bulls. In the short-term, the upside remains favoured, but this may
deteriorate should USD/CAD fall back below 1.3350. 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 is being viewed merely as a short-term recovery.

To read the full story



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.