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TECHS: Hold Of 100-DMA Allows.........>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Hold Of 100-DMA Allows Modest Recovery
USDCAD touched pullback lows of 1.3287 on Thursday, before support from the
100-dma cushioned falls. The recovery extended toward 1.3350, but the pair has
since faded back towards 1.3320. Bulls look to clear 1.34 to stabilise the
outlook, which would put the focus back on the Mar 6 high at 1.3468, ahead of
the Jan 4 high & 76.4% retracement at 1.3496/1.3524. While the inverse head and
shoulders target comes in around 1.36. Bears need a close below the 100-dma to
extend the downtrend and target the Feb 22 high & 50% retracement level at
1.3242/24.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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