Free Trial

TECHS: Rally Tests Into Next Key......>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Rally Tests Into Next Key Resistance At $1.2984
*RES 4: $1.3125 Mar 19 high, 2% volatility band
*RES 3: $1.3045 Max 5th wave target in rise from $1.2528
*RES 2: $1.2998/02 1% volatility band, Mar 5 high
*RES 1: $1.2984 76.4% Fibo of $1.3125-$1.2528
*PRICE: $1.2979 @0847GMT
*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* The $1.2806-$1.2803 region withstood pressure at the turn of the
month, more latterly the $1.2841-$1.2840 area. This has allowed a fresh rally
through $1.2918 and now $1.2944. This has the 76.4% Fibo retrace level and swing
target at $1.2984 as the next potential barrier higher. As a result, nearest
support also on the rise, $1.2918-$1.2914 now ahead of the day's $1.2876 low.
Sustained break of $1.2984 sees $1.2998-$1.3045 next.

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.