Free Trial

Bear Cycle Still In Play

USDCAD TECHS
  • RES 4: 1.3077 High May 16 and the bull trigger
  • RES 3: 1.2982 High May 16
  • RES 2: 1.2896 High May 18 and a key resistance
  • RES 1: 1.2801 20-day EMA
  • PRICE: 1.2642 @ 15:42 BST May 31
  • SUP 1: 1.2631 Low May 31
  • SUP 2: 1.2562 61.8% retracement of the Apr 5 - May 12 bull run
  • SUP 3: 1.2536 2.0% 10-dma envelope
  • SUP 4: 1.2459 Low Apr 21

USDCAD started the week on a softer note, extending losses on Tuesday as the current bear cycle persists. The cross has recently cleared both the 20- and 50-day EMAs and has also registered a print below 1.2660, the 61.8% retracement of the bull run from Apr 5 - May 12. A clear break of this level would open 1.2562, the 76.4% retracement. On the upside, a key short-term resistance has been defined at 1.2896, the May 18 high.

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.