Free Trial

TECHS: False Break: Back to Neutral...>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: False Break: Back to Neutral
Following two dojis on Friday and Monday, USDCAD attempted to break lower
yesterday, trading below the 100-dma for the first time since March 1 and
finding support on the up trendline at 1.3251. However, the downside momentum
was not maintained and USDCAD closed back in its recent 1.3300-50 range. The
focus now shifts to the upside as bulls look for a close above 1.34 to put the
focus back on the Mar 6 high at 1.3468, ahead of the Jan 4 high at 1.3496. To
regain downside momentum bears look for a break below yesterday's low at 1.3251
which would open the 200-dma at 1.3191.

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.