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Free AccessTECHS: Bulls Hit a Hurdle *RES 3:.....>
DOLLAR-CANADA: TECHS: Bulls Hit a Hurdle
*RES 3: 1.3802 High Jun 1
*RES 2: 1.3719 50-day EMA
*RES 1: 1.3716 High Jun 26
*PRICE: 1.3611 @ 17:56 BST Jun 30
*SUP 1: 1.3596 Low Jun 30
*SUP 2: 1.3486 Low Jun 23 and key near-term support
*SUP 3: 1.3398 Low Jun 11
USDCAD's bullish outlook took a dent Tuesday, with prices reverting to one-week
lows and below 1.36. Nonetheless, bulls retain the advantage after the pair made
light work of the 1.3686 bull trigger last week, cementing the current upward
trend. This should hold while 1.3316, Jun 10 low remains intact. The candle
pattern on Jun 10 was a doji and on Jun 11, a bullish engulfing reversal. Both
highlighted a potential base at 1.3316 and the subsequent recovery confirms
this. The focus is on 1.3802 next, Jun 1 high. Key support is at 1.3486, Jun 23
low.
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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.