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May 31 - 08:55 AM

USD/CAD - 1.2000 Barriers Stay Firmly Within The Cross Hairs

By Richard Pace  —  May 31 - 06:19 AM
  • USD/CAD 1.2000 is a big option barrier level and key to deeper declines

  • Barriers typically attract defence, 1.20 also big psychological level

  • 1.2014 was mid May low since May 2015, when it hit 1.1920 6-year low

  • 1.20 break targets 1.1876 - 50% Fibo retrace of 2007 low to 2016 peak

  • Recoveries limited to mid 1.21's, falling 21-dma adds resistance now 1.2126

  • Weak USD and firm oil price combine, to keep risk on USD/CAD downside

  • Big week of US data adds near term risk nL2N2NI0DE

For more click on FXBUZ


CAD=D3 MONTHLY CHART Click here

Source:
Refinitiv IFR Research/Market Commentary

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