Free Trial

TECHS: Focus Shifts To Support *RES...>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Focus Shifts To Support
*RES 4: 1.4349 High Mar 31
*RES 3: 1.4265 High Apr 21 and the bull trigger
*RES 2: 1.4198 High Apr 23
*RES 1: 1.4173 High May 7
*PRICE: 1.3934 @ 16:46 BST May 8
*SUP 1: 1.3923 Intraday low
*SUP 2: 1.3851 Low Apr 30 and bear trigger
*SUP 3: 1.3812 50.0% retracement of the rally between Jan 7 - Mar 19
*SUP 4: 1.3734 Low Mar 16
USDCAD reversed course Thursday following the rejection off the day high of
1.4173. This undermines the recent bullish theme. The pair remained weak Friday,
turning attention to 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. A break lower would open 1.3812, a retracement
level. Clearance of 1.4173 is required to suggest bulls have returned.

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.