USD/CAD Pushing Back Above the 200-Day Average

By: MIG Bank | Thu, Apr 26, 2012
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USD/CAD is continuing to push lower beneath its multi-week range and now approaches next support at 0.9776 (TD Risk Level).

Only a sustained break back beneath 0.9776 would resume the multi-month downtrend into next support at 0.9726.

Meanwhile, the bulls still need to push above the long-term 200-day moving average, then 1.0080 to signal a potential upside recovery.

Such a scenario would target resistance at 1.0160, then 1.0250 and resume the larger cycle recovery higher into 1.0424 (14th December high).

EUR/CAD, which tends to share a positive correlation with EUR/USD, is still range bound after the recent sharp drop which was triggered by a DeMark™ exhaustion signal. Watch for renewed downside pressure back into key support at 1.2877 (2012 low).

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Author: MIG Bank

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