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Free AccessApproaching Major Support
- RES 4: 1.2419 High Apr 27
- RES 3: 1.2388 20-day EMA
- RES 2: 1.2351 High May 4 and a key near-term resistance
- RES 1: 1.2288 High May 7
- PRICE: 1.2167 @ 06:46 BST May 7
- SUP 1: 1.2143 Low May 7
- SUP 2: 1.2129 1.50 proj of the Jan 28 - Feb 25 - Feb 26 price swing
- SUP 3: 1.2070 2.0% 10-dma envelope
- SUP 4: 1.2062 Low Sep 2017 and a major support
USDCAD traded sharply lower Thursday, hitting new cycle lows of 1.2143 and cleared a number of supports in the process. This keeps the pair solidly in bear mode and maintains the bearish price sequence of lower lows and lower highs. MA studies also highlight a downside bias, reinforcing current trend conditions. The pair is approaching a major support at 1.2062, the Sep 2017 low. On the upside, initial resistance is at 1.2288, yesterday's high.
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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.