Free Trial

TECHS: Remains Vulnerable *RES 4:.....>

DOLLAR-CANADA: TECHS: Remains Vulnerable
*RES 4: 1.3270 High Dec 6
*RES 3: 1.3240 High Dec 11
*RES 2: 1.3205 High Dec 13 and initial key resistance
*RES 1: 1.3186 High Dec 16
*PRICE: 1.3171 @ 10:47 GMT Dec 17
*SUP 1: 1.3115 Low Nov 5 and Low Dec 16
*SUP 2: 1.3109 76.4% retracement of the Oct 29 - Nov 20 rally
*SUP 3: 1.3075 Low Oct 30
*SUP 4: 1.3042 Low Oct 29 and key support
USDCAD failed Monday to hold above the 61.8% retracement of the Oct 29 - Nov 20
rally, at 1.3151. This confirmed an extension of last week's sell-off and
negates the bullish outlook that we had recently highlighted. Despite a bounce
off the day low, the break lower paves the way for weakness towards the 1.3109,
76.4% level. A breach of this support would open 1.3075 and 1.3042. The latter
is the Oct 29 low. Resistance is seen at 1.3186 initially ahead of 1.3205.

To read the full story



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.