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Free AccessTECHS: Deeper Retracement Seen........>
DOLLAR-CANADA: TECHS: Deeper Retracement Seen Likely
*RES 4: 1.3383 High Sep 3
*RES 3: 1.3331 61.8% retracement of the Jun - Dec decline
*RES 2: 1.3329 High Feb 10 and key resistance
*RES 1: 1.3296 High Feb 2
*PRICE: 1.3241 @ 10:46 GMT Feb 14
*SUP 1: 1.3227 Low Feb 3
*SUP 2: 1.3191 Low Jan 30
*SUP 3: 1.3155 Low Jan 28 and 29
*SUP 4: 1.3158 Trendline support drawn off the Jan 7 low
Despite having traded higher Monday, USDCAD pulled back sharply Wednesday and
remains under pressure. The pair appears to have established a top at Monday's
1.3329 high for now. The move lower signals the onset of a correction that has
scope to extend towards 1.3227 next and 1.3191, the Feb 3 and Jan 30 lows
respectively. Note that trendline support lies at 1.3158, drawn off the Jan 7
low. Initial resistance is seen at Wednesday's high of 1.3296.
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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.