Free Trial

Bear Cycle Still In Play

USDCAD TECHS
  • RES 4: 1.3173/80 High Nov 13 2020 and 2.0% 10-dma envelope
  • RES 3: 1.3091 High Nov 24 2020
  • RES 2: 1.3077 High May 16 and the bull trigger
  • RES 1: 1.2896/2982 High May 18 / High May 16
  • PRICE: 1.2798 @ 18:12 BST May 23
  • SUP 1: 1.2762 50-day EMA
  • SUP 2: 1.2714 Low May 5 and a key support
  • SUP 3: 1.2568 Low Apr 22
  • SUP 4: 1.2459 Low Apr 21

USDCAD remains below 1.3077, May 16 high, and maintains a short-term bearish tone. The recent move down though is considered corrective and the broader trend outlook is bullish. Recent gains resulted in a breach of 1.2914, May 2 high, and 1.2964, the Dec 20 2021 high. The break of the latter marks an important medium-term bullish development. Key support to watch is at 1.2714, the May 5 low.

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.