Free Trial

TECHS: Vulnerable for now: *RES 4:....>

DOLLAR-CANADA
MNI (London)
DOLLAR-CANADA: TECHS: Vulnerable for now:
*RES 4: 1.3435 76.4% retracement of the May 31-Jul 19 decline
*RES 3: 1.3432 High Jun 18
*RES 2: 1.3355 61.8% retracement of the May 31-Jul 19 decline
*RES 1: 1.3302/03/07 Cloud top/100-dma/200-dma
*PRICE: 1.3220 @ 05:24 GMT Aug 12
*SUP 1: 1.3196 Low Aug 9
*SUP 2: 1.3178 Low Aug 5
*SUP 3: 1.3122/20 50-mma/200-wma
*SUP 4: 1.3106 Low Jul 31
USDCAD starts weak on a softer note following the sharp sell-off last week off
the Aug 7 high of 1.3345. This marked a rejection of the 100 & 200-dma's and was
further cemented by Wednesday's bearish shooting star candle pattern and a
bearish engulfing reversal the following day. The focus returns to the Aug 5 low
at 1.3178 and 1.3106, the Jul 31 low. Clearance of this latter level would open
the ytd low at 1.3016. Key resistance has been defined at 1.3345.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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.