Free Trial

TECHS: Corrective Setback *RES 4:.....>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Corrective Setback
*RES 4: 1.3348 High Oct 3
*RES 3: 1.3328 High Nov 20 and initial key resistance
*RES 2: 1.3298 High Dec 4
*RES 1: 1.3270 High Dec 6
*PRICE: 1.3170 @ 06:19 GMT Dec 12
*SUP 1: 1.3162 Low Dec 11
*SUP 2: 1.3159/51 Low Dec 5 / 61.8% of the Oct 29 to Nov 20 rally
*SUP 3: 1.3109 76.4% retracement of the Oct 29 - Nov 20 rally
*SUP 4: 1.3075 Low Oct 30
USDCAD bulls suffered a Fed-induced setback Wednesday as the pair pulled back
sharply. For now, this move is considered corrective. The 61.8% retracement of
the Oct 29 to Nov 20 rally at 1.3151 remains a key support going forward. While
it holds, a bullish theme remains in place and if the USD is able to find a bid
tone once again, potential would be seen for a climb towards 1.3300 and beyond.
Weakness below 1.3159/51 would however expose a deeper setback.

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.