Free Trial

TECHS: DMA's remain key: *RES 3:......>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: DMA's remain key:
*RES 3: 1.3432 High Jun 18
*RES 2: 1.3355 61.8% retracement of the May 31-Jul 19 decline
*RES 1: 1.3306/08 200-dma/100-dma
*PRICE: 1.3289 @ 09:02 GMT Aug 08
*SUP 1: 1.3228/26 Cloud base/55-dma
*SUP 2: 1.3178 Low Aug 05
*SUP 3: 1.3123/19 50-mma/200-wma
*SUP 4: 1.3106 Low Jul 31
Oil's recovery from lows late yesterday allowed CAD to regain some poise, with
the pair moving back and closing below the key 100 & 200-dma's. These levels
come in today at 1.3308/06 respectively with a break needed to cement the
uptrend. The cloud top and former channel top is placed behind at 1.3312/16,
ahead of the 61.8% retracement of the May-Jul decline at 1.3355. On the downside
a subsequent break of 1.32 would reignite bears interest, returning the focus to
the Jul 19 ytd low at 1.3016.

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.