Free Trial

Back in the Red for 2023

USDCAD TECHS
  • RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3751 High Nov 4
  • RES 1: 1.3680/3705 High Jan 3 / Dec 16 and the bull trigger
  • PRICE: 1.3521 @ 16:21 GMT Jan 5
  • SUP 1: 1.3470 Low Jan 4
  • SUP 2: 1.3385 Low Dec 5 and a key near-term support
  • SUP 3: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally

USDCAD remains below its recent highs and drifted further into the Wednesday close. Despite the pullback from the mid-December highs however, short-term conditions remain bullish. Last month's break of trendline resistance, drawn from the Oct 13 high, strengthened the bullish case and this has opened 1.3751, the Nov 4 high. On the downside, the next key support to watch lies at 1.3385, the Dec 5 low. A break would be bearish and potentially expose 1.3226, the Nov 15 low and a bear trigger.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.