Free Trial

TECHS: Oil tied CAD: *RES 3: 1.3196...>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Oil tied CAD:
*RES 3: 1.3196 High Jun 26
*RES 2: 1.3144/45 High Jul 10 / High Jul 1 and key resistance
*RES 1: 1.3094 High July 17
*PRICE: 1.3086 @ 15:21 GMT Jul 18
*SUP 1: 1.3018 Low Jul 12 and YTD low
*SUP 2: 1.3015 Low Oct 25 2018
*SUP 3: 1.3000 Psychological round number
Oil futures extend the correction off last week's high and look set to register
the fifth straight session of losses. USDCAD probed the channel top with further
resistance located at 1.3100 from yesterday's high. Despite this, the previous
rejection off 1.3145 on Jul 10 highlights the bearish outlook and paves the way
for an extension lower towards the psychological 1.3000 level. A break here
would open the 100-wma at 1.2990. As long as resistance at the recent highs of
1.3144/45 hold, the outlook in USDCAD is bearish.

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.