Free Trial

TECHS: Trading A Major Corrective.....>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Trading A Major Corrective Bottom?
USDCAD is holding above the lower boundary of the major descending channel,
where trendline support, now intervening at 1.2960, has been defending the
downside. Supportive near-term technical indicators are consistent with a
rebound. However, gains have yet to recapture the 1.3050 level needed to provide
some near-term stability, opening the way for a recovery towards 1.3191 ahead of
the 1.3290 July high. However, a break below the channel support at 1.2960 would
put the long term up trendline support at 1.2931 under pressure.

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.