Free Trial

TECHS: Consolidating Recent Gains.....>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Consolidating Recent Gains
USDCAD continues to trade in a tight range after breaking above town trendline
resistance early last week. The bigger picture remains bullish as the bull flag
is intact, but bulls require a close above the 1.32 level which has proven
difficult to overcome in recent sessions. The July 20 high at 1.3290 provides
next resistance, a break above here opens the potential of a rally to 1.34 and
beyond as the bull flag plays out. Bears need a break of 1.2900 to re-establish
the downtrend and target the 200-dma and channel base support at 1.2860/46.

To read the full story

Close

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.