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Free AccessTECHS: Focusing On The Bullish........>
DOLLAR-CANADA: TECHS: Focusing On The Bullish Engulfing Candle
*RES 4: 1.4349 High Mar 31 and the key bull trigger
*RES 3: 1.4299 High Apr 2
*RES 2: 1.4262 High Apr 6
*RES 1: 1.4183 High Apr 16
*PRICE: 1.4026 @ 06:21 BST Apr 17
*SUP 1: 1.4000 round number support
*SUP 2: 1.3856 Low Apr 13
*SUP 3: 1.3812/21 50.0% retracement of the Jan 20 - Mar 19 rally / 50-day EMA
*SUP 4: 1.3734 Low Mar 16
Wednesday's USDCAD rally potentially brings to an end the recent Mar 19 - Apr 13
bearish cycle. The strong close Wednesday confirms a bullish engulfing candle
formation and highlights a reversal. Furthermore, support at 1.3812, 50% of the
Jan 7 - Mar 19 rally has remained intact as has the 50-day EMA at 1.3811. Unless
USDCAD can break below Monday's low of 1.3856, the risk has increased that
prices will travel north near-term towards 1.4262 and 1.4349.
To read the full story
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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.