Free Trial

Approaching The Bull Trigger

USDCAD TECHS
  • 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: 1.2854 High Dec 3 and the bull trigger
  • PRICE: 1.2802 @ 06:58 GMT Dec 14
  • SUP 1: 1.2693/08 20-day EMA / Low Dec 8
  • 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 last week but found support at 1.2608, the Dec 8 low. The pair rallied yesterday and so far retraced virtually the entire sell-off between Dec 3 - 8. The focus is on resistance at 1.2854, Dec 3 high where a break would confirm a resumption of the uptrend that started Oct 21. This would open 1.2896, the Sep 20 high. On the downside, key support has been defined at 1.2608.

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.