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DOLLAR-CANADA: TECHS: Bullish Trend
News that the Keystone XL pipeline project has been blocked knocked CAD
sentiment across the board. After failing to close above the 61.8% retracement
of 1.2783-1.3386 at 1.3156 in recent sessions, USDCAD looks set for a close
above Friday. A close above 1.3156 would return focus to the bull flag breakout
target area at 1.3210. A solid hold can look to build on recent momentum,
opening channel top resistance at 1.3302, ahead of the ytd highs at 1.3386.
Bears need a close below the 100-dma at 1.3070 to shift the focus lower bringing
the Oct 25 low into view at 1.3015. Below here lies the 200-dma at 1.2956.