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DOLLAR-CANADA: TECHS: CAD Firm Despite Negative GDP
USDCAD topped out at 1.3480 Tuesday, with this level starting to grow in
importance having previously registered a series of highs. The corrective
pullback extended through 1.3450, shrugging off poor GDP data in the process.
This adds strength to the bearish argument, targeting a break of 1.34. Below
here would shift the outlook more negative opening the 100 & 55-dmas at
1.3345/37. Bulls need to recover 1.3480/00, before challenging the April 24 high
& 76.4% retracement level of the Dec - Jan fall at 1.3521/24.