Free Trial

Bear Cycle Extends

USDCAD TECHS
  • RES 4: 1.2739 High Oct 1
  • RES 3: 1.2648 High Oct 6
  • RES 2: 1.2587 50-day EMA
  • RES 1: 1.2499 High Oct 12
  • PRICE: 1.2423 @ 06:52 BST Oct 14
  • SUP 1: 1.2422 Jul 30 low and a key support
  • SUP 2: 1.2367 61.8% retracement of the Jun - Aug rally
  • SUP 3: 1.2303 Low Jul 6
  • SUP 4: 1.2253 Low Jun 23

The USDCAD bear cycle that started Sep 20 remains in place and the pair is weaker again today. The recent break of 1.2494, Sep 3 low signals scope for a deeper pullback and has opened 1.2422, the Jul 30 low. Clearance of this support would strengthen the case for bears, exposing 1.2367, a Fibonacci projection. On the upside, a breach of 1.2775, Sep 29 high would represent a bullish development. Initial firm resistance is at 1.2587, the 50-day EMA.

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.