Free Trial

TECHS: Stalls At Yesterday's High.....>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Stalls At Yesterday's High
*RES 4: 1.4948 High March 2003
*RES 3: 1.4814 High April 2003
*RES 2: 1.4690 High 2016 and major resistance
*RES 1: 1.4668 Intraday high
*PRICE: 1.4356 @ 06:29 GMT Mar 20
*SUP 1: 1.4277 High Mar 18
*SUP 2: 1.4167 Low Mar 18
*SUP 3: 1.3961 Low Mar 17
*SUP 4: 1.3734 Low Mar 16
USDCAD traded to a high of 1.4668 yesterday extending the current rally. Price
has since pulled back from this high. This is seen as a corrective retracement
with underlying bullish conditions still in place. This week's sharp gains
highlight a strong bullish outlook although it must be remembered that the trend
is certainly overbought. A move below 1.4167, the Mar 18 low is needed to
suggest a top. The focus is on 1.4690, the 2016 high and major resistance.

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.