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Free AccessTECHS: Correction Or A Reversal?......>
DOLLAR-CANADA: TECHS: Correction Or A Reversal?
*RES 3: 1.3500 Round number resistance
*RES 2: 1.3465 High Feb 28 and key resistance
*RES 1: 1.3441 High Mar 2
*PRICE: 1.3372 @ 17:52 GMT Mar 3
*SUP 1: 1.3315 Low Mar 2
*SUP 2: 1.3267 Low Feb 25
*SUP 3: 1.3244 Trendline support drawn off the Jan 7 low
After trading sharply lower Monday, extending the pullback off Friday's high of
1.3465, USD/CAD is now falt. Whether a reversal is unfolding is too early to
tell and attention shifts to support at 1.3317 which was probed briefly Monday.
A clear break would open 1.3267, Feb 25 low ahead of the key trendline support
at 1.3244. The trendline is drawn off the Jan 7 low. A breach of the trendline
would be bearish. On the upside, key resistance and the bull trigger is at
1.3465.
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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.