Free Trial

Bearish Conditions Intact

USDCAD TECHS
  • RES 4: 1.3009 High Dec 1
  • RES 3: 1.2929 Low Nov 29 and recent breakout level
  • RES 2: 1.2833 High Dec 9
  • RES 1: 1.2790 High Dec 14 / 16
  • PRICE: 1.2712 @ 06:36 GMT Dec 17
  • SUP 1: 1.2677 76.4% of the 2017-20 uptrend
  • SUP 2: 1.2603 1.236 proj of Oct 29 - Nov 9 downleg from Nov 13 high
  • SUP 3: 1.2524 2.0% 10-dma envelope
  • SUP 4: 1.2536 1.382 proj of Oct 29 - Nov 9 downleg from Nov 13 high

USDCAD resumed its downtrend Tuesday before stabilising and bouncing Wednesday. The outlook remains bearish. The break to new lows confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. MA studies remain in bear mode and corrections are shallow, reinforcing the bearish theme. The focus is on 1.2677 next, a Fibonacci retracement level. Initial resistance is at 1.2790, Dec 14 high.

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.