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May 26 - 01:55 PM

USD/CAD - Breaks Above 10-DMA By 1.2087, Bulls Eye Minor Fib At 1.2143

By Paul Spirgel  —  May 26 - 11:50 AM
  • USD/CAD rises 0.45% to 1.2115 into Europe close, Wed range 1.2124-1.2045

  • CA bond yields slip CA10YT=RR despite recent BoC hawkish tone, commod rise

  • CAD had hit 6-yr high 1.2014 after BoC taper, upbeat recovery outlook

  • Above 10DMA (1.2087) dents bearish structure, puts 21DMA (1.2154) in view

  • Bulls gain momentum above 1.2183 the 50% Fib of 1.2352-1.2014 May dip

  • Support at recent lows in mid 1.20's, May 18's 2021 low 1.2014, then lower 21-d Bolli 1.1969

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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