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TECHS: Rally Extends Towards YTD......>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Rally Extends Towards YTD Highs
USDCAD smashed cleanly above the 1.3451-68 resistance band yesterday with the
help of a dovish Bank of Canada decision. This shifts bullish targets up to the
Dec31 high at 1.3665 but momentum will need to pick up further before this
becomes a realistic prospect. The BoC inspired rally stopped almost dead on the
76.4% Fib retracement of the 1.3665-1.3069 drop and this will need to be taken
out for bulls to grow longer legs. To the downside, bears need to clear the
100-dma at 1.3342, while a downside break of the 55-dma at 1.3327 would shift
the outlook negative, opening the March 19 low & triangle base at 1.3251/40.

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