Free Trial

50-Day EMA remains Exposed

  • RES 4: 1.3009 2.0% 10-dma envelope
  • RES 3: 1.2949 High Aug 20 and a key resistance
  • RES 2: 1.2896 High Sep 20
  • RES 1: 1.2768/2854 High Dec 7 / High Dec 3 and the bull trigger
  • PRICE: 1.2711 @ 06:48 GMT Dec 10
  • SUP 1: 1.2605 50-9day EMA
  • SUP 2: 1.2571 50.0% retracement of the Oct 21 - Dec 3 rally
  • SUP 3: 1.2493 Low Nov 16
  • SUP 4: 1.2422 61.8% retracement of the Oct 21 - Dec 3 rally

USDCAD reversed lower this week but has stabilized and remains above Wednesday’s low of 1.2608. The sharp pullback has exposed the 50-day EMA at 1.2605. Clearance of this EMA would strengthen the bearish threat and open 1.2571, a Fibonacci retracement. Tuesday’s high of 1.2768 is the first resistance. A break would ease bearish pressure and attention would turn to the key resistance at 1.2854, Dec 3 high.

To read the full story



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.