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May 14 - 05:55 AM

USD/CAD - Supply Leaves Focus On 1.20 Barriers And Major Fibo Below

By Richard Pace  —  May 14 - 04:14 AM
  • USD/CAD's post BoC downtrend takes a knock after basing 1.2046 mid week

  • USD demand after big U.S. CPI beat and weaker oil saw 1.2203 Thursday

  • Traders report decent supply above 1.2200, 1.2174-49 range Friday

  • 1.2189 is 23.6% Fibo of high at 1.2654 on BoC day (21 April) to Weds low

  • Although breached, it hasn't closed above. 38.2% Fibo is 1.2278

  • Also failed close above falling 10dma 1.2177. Bear focus 1.20 option barrier

  • Break opens May 2015 low 1.1920, 50% Fibo of 2007-low to 2016 peak 1.1874

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Source:
Refinitiv IFR Research/Market Commentary

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