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Expiries for Jun24 NY cut 1000ET (Source DTCC)

MNI EXCLUSIVE

Ex-Fed Officials On Timing Of The Next Rate Hike

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  • 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.