Free Trial

Approaching Key Support

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3731 1.0% 10-dma envelope
  • RES 2: 1.3717 Trendline resistance drawn from the Oct 13 2022 high
  • RES 1: 1.3639/95 High Sep 11 / 7
  • PRICE: 1.3513 @ 15:55 BST Sep 14
  • SUP 1: 1.3490 Low Sep 1 and key support
  • SUP 2: 1.3471 50-day EMA
  • SUP 3: 1.3352 Low Aug 7
  • SUP 4: 1.3266 Low Aug 2

USDCAD has again traded lower today and is approaching key support at 1.3490, the Sep 1 low. Clearance of this level would undermine the recent bullish theme and suggest potential for a deeper pullback near-term. This would open 1.3471, the 50-day EMA. For bulls, a reversal higher would refocus attention on 1.3695, the Sep 7 high and bull trigger. A break of this level would confirm a resumption of the recent uptrend.

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.