Free Trial

Directional Triggers Defined

USDCAD TECHS
  • RES 4: 1.2711 61.8% retracement of the Mar 8 - Apr 5 bear leg
  • RES 3: 1.2699 High Mar 17
  • RES 2: 1.2646/76 High Apr 19 / High Apr 13 and a bull trigger
  • RES 1: 1.2624 High Apr 20
  • PRICE: 1.2604 @ 08:06 BST Apr 22
  • SUP 1: 1.2459 Low Apr 21
  • SUP 2: 1.2403 Low Apr 5 and a key support
  • SUP 3: 1.2387 Low Nov 10 2021
  • SUP 4: 1.2328 Low Oct 29 2021

Recent price action in USDCAD has defined key directional triggers at 1.2676, Apr 13 high and 1.2459, the Apr 21 low. Trend signals suggest the direction remains down. A break of 1.2459 would reinforce this set-up and signal scope for weakness towards 1.2403 key support, Apr 5 low. For bulls, clearance of 1.2676 would instead represent a positive price development and open 1.2711, a Fibonacci retracement.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.