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DOLLAR-CANADA: TECHS: Focus Is On Support
*RES 4: 1.4265 High Apr 21 and the bull trigger
*RES 3: 1.4198 High Apr 23
*RES 2: 1.4173 High May 7 and key near-term resistance
*RES 1: 1.3996 High May 8
*PRICE: 1.3960 @ 10:45 BST May 11
*SUP 1: 1.3851 Low Apr 30 and bear trigger
*SUP 2: 1.3812 50.0% retracement of the rally between Jan 7 - Mar 19
*SUP 3: 1.3734 Low Mar 16
*SUP 4: 1.3708 Low Mar 12
USDCAD reversed course Thursday following the rejection off the day high of
1.4173 undermining the recent bullish theme. The pair remains weak with
attention on support at 1.3851, the Apr 30 low. A break of this level would
negate the recent positive focus and instead confirm a resumption of the
reversal that started Mar 19. This would open 1.3812, a retracement level.
Clearance of 1.4173 is required to suggest bulls have returned.