Free Trial

TECHS: Reversal Off Recent Highs......>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Reversal Off Recent Highs
*RES 4: 1.3383 High Sep 3
*RES 3: 1.3331 61.8% retracement of the Jun - Dec decline
*RES 2: 1.3329 High Feb 10 and key resistance
*RES 1: 1.3296 High Feb 2
*PRICE: 1.3255 @ 17:15 GMT Feb 13
*SUP 1: 1.3227 Low Feb 3
*SUP 2: 1.3191 Low Jan 30
*SUP 3: 1.3155 Low Jan 28 and 29
*SUP 4: 1.3151 Trendline support drawn off the Jan 7 low
Despite having traded higher Monday, USDCAD pulled back sharply Wednesday and
appears to have established a top at Monday's 1.3329 high. This move lower
signals the onset of a correction that has scope for a move towards 1.3227 next
and 1.3191, the Feb 3 and Jan 30 lows respectively. Note that trendline support
lies at 1.3151, drawn off the Jan 7 low. On the upside, initial resistance is
seen at yesterday's high of 1.3296.

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.