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Free AccessTECHS: Still Trading Below Recent.....>
DOLLAR-CANADA: TECHS: Still Trading Below Recent Highs
*RES 4: 1.3535 High Jun 3
*RES 3: 1.3500 Round number resistance
*RES 2: 1.3465 High Feb 28 and key resistance
*RES 1: 1.3441 High Mar 2
*PRICE: 1.3390 @ 06:11 GMT Mar 5
*SUP 1: 1.3315 Low Mar 2
*SUP 2: 1.3267 Low Feb 25
*SUP 3: 1.3259 Trendline support drawn off the Jan 7 low
*SUP 4: 1.3202 Low Feb 21 and key support
The BoC rate cut inspired rally in USDCAD failed to crack any notable resistance
levels, leaving the S/T picture unchanged. The pair is trading below Friday's
1.3465 high. Whether the pullback off this high is a reversal is too early to
tell and attention is on support at 1.3317 which was probed briefly Monday. A
clear break would open 1.3267, Feb 25 low ahead of the key trendline support at
1.3259. The trendline is drawn off the Jan 7 low. The bull trigger is 1.3465.
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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.