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TECHS: Oil Brings the Trend Back to...>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Oil Brings the Trend Back to Neutral
After falling over 130 pips on Friday, oil weakness on Monday saw USDCAD retrace
almost half of this move, returning the oulook to neutral. To resume the bearish
trend, a break below the 100dma at 1.3206 and the Jan 9 low at 1.3180 would be
needed. Below here would target the 200dma at 1.3121. Bulls need a close above
the 50-dma 1.3367 for a resumption of the uptrend, targeting the Jan 7 high, but
momentum is moving increasingly in favour of further downside.

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