The poor old loonie has taken a back seat today in all the fuss over the ECB.
Since breaking strong support and bids at 1.0075/85 it only managed a low of 1.0050.
Those that sold the break back through the upper channel line will be smiling while hoping for further declines in the currency and increases in their profits.
Well there’s good news and bad news.
The good news is that we’re holding below the 100 dma and the support at 1.0075/85 is now resistance and there’s further corporate offers at 1.0100 with the bulk higher up at 1.0225/50
The bad news is that we have the long term lower trend line to contend with. At today’s money that’s at 1.0012 along side the 100 wma. Just in front of that is the 55 wma at 1.0027.
To compound bears profit targets further, corporate bids are now seen at 1.0050 and being pretty heavy and tightly packed down to 0.9980.
