Free Trial

Bearish Extension

USDCAD TECHS
  • RES 4: 1.3029 High Nov 25
  • RES 3: 1.3009 High Dec 1
  • RES 2: 1.2929 Low Nov 29 and recent breakout level
  • RES 1: 1.2833 High Dec 9
  • PRICE: 1.2770 @ 17:03 GMT Dec 11
  • SUP 1: 1.2707 Low Dec 10
  • SUP 2: 1.2677 76.4% of the 2017-20 uptrend
  • SUP 3: 1.2608 2.0% 10-dma envelope
  • SUP 4: 1.2603 1.236 proj of Oct 29 - Nov 9 downleg from Nov 13 high

USDCAD remains weak despite finding some support Friday. The pair resumed its downtrend Thursday as prices slipped through the Dec 8 low of 1.2768. This reinforces the underlying bear trend and maintains the bearish price sequence of lower lows and lower highs. Moving average studies remain in bear mode. The focus is on 1.2677 next, a Fib retracement level. Resistance is seen at 1.2929, Nov 29 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.