Free Trial

TECHS: Corrective pullback : *RES.....>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Corrective pullback :
*RES 4: 1.3452 High Jun 4
*RES 3: 1.3432/35 High Jun 18 / 76.4% retracement of the May 31 - Jul 19 decline
*RES 2: 1.3432 High Jun 18
*RES 1: 1.3346/55 High Aug 20 / 61.8% retracement of the May 31 - Jul 19 decline
*PRICE: 1.3241 @ 04:35 GMT Aug 27
*SUP 1: 1.3211 Low Aug 14
*SUP 2: 1.3185 Low Aug 13
*SUP 3: 1.3142 61.8% retracement of Jul 19 - Aug 20 rally
*SUP 4: 1.3106 Low Jul 31
USDCAD is pulling away from recent highs. This is viewed as a correction with
the focus still on key resistance at 1.3346, the Aug 20 high. Also, just above
this level is the 61.8% retracement of the May 31 - July 19 decline at 1.3355.
Clearance of 1.3346/55 would reinforce a bullish theme and open 1.3432, allowing
for an extension of the uptrend that has been in place since Jul 19. Support at
1.3251 has been breached, the next level is at 1.3185, Aug 13 low.

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.