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