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TECHS: Rally Spikes Key Resistance....>
DOLLAR-CANADA: TECHS: Rally Spikes Key Resistance At $1.2984 Into 1% Vol Band
*RES 4: $1.3125/33 Mar 19 high, 2% volatility band
*RES 3: $1.3045 Max 5th wave target in rise from $1.2528
*RES 2: $1.2998/04 May 8 high, 1% volatility band
*RES 1: $1.2975/85 Hourly resistance
*PRICE: $1.2936 @0943GMT
*SUP 1: $1.2914/18 May 1, May 4 highs, now support
*SUP 2: $1.2876 Intraday low
*SUP 3: $1.2840/41 May 4, May 7 lows
*SUP 4: $1.2803/06 May 2, Apr 30 lows
*COMMENTARY* A brief spike through key resistance at $1.2984 was abruptly halted
by the upper 1% volatility band at $1.2998 on Tuesday. The subsequent pullback
now allows some earlier resistance to appear again between $1.2975-$1.2985.
Nearest support now from the former highs of $1.2918-$1.2914 but it will take a
loss Tuesday's $1.2876 low to upset recent upside momentum, then putting $1.2840
back under pressure. Directly through $1.2998-$1.3004 and $1.3045 next.
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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.