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Free AccessTECHS: Vulnerable for now: *RES 4:....>
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: 1.3236 @ 09:01 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
USDCAD rests on channel base support-turned-resistance around 1.3240, with a
convincing break needed to aid the recovery toward the Aug 7 high of 1.3345.
This key level marked a rejection of the 100 & 200-dma's last week and was
further cemented by Wednesday's bearish shooting star candle pattern and a
bearish engulfing reversal the following day. Downside focus remains on 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.
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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.