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May 16 - 05:55 PM

USD/CAD - Consolidating Below 10-DMA, Eyes 21-DMA Support By 1.2814

By Paul Spirgel  —  May 16 - 03:45 PM
  • USD/CAD ending NY near session lows -0.4% at 1.2842; Mon range 1.2979-1.2838

  • US-CA yields narrow, Weak China econ data o/n boost US recession fears

  • $CAD firm lately on USD haven, hawkish Fed tones, which are receding

  • Dip below 1.2881 50% Fib of 1.2685-1.3077 rise shifting momentum to bears

  • Support at Mon low 1.2838, then 1.2814 the 21-DMA

  • Downside momentum picks up speed sub-1.2768 50% of 1.2459-1.3077

  • 10-DMA by 1.2914 shifts to resistance, followed by May 12's 2022 high 1.3077

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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