Free Trial

Bearish Extension

USDCAD TECHS
  • RES 4: 1.2749 High Feb 26 and the bull trigger
  • RES 3: 1.2700 High Mar 8
  • RES 2: 1.2625 High Mar 11
  • RES 1: 1.2527 High Mar 18
  • PRICE: 1.2496 @ 06:47 GMT Mar 19
  • SUP 1: 1.2365 Low Mar 18
  • SUP 2: 1.2336 1.00 proj of the Jan 28 - Feb 25 - Feb 26 price swing
  • SUP 3: 1.2289 2.0% 10-dma envelope
  • SUP 4: 1.2278 Trendline Drawn From May 2015 Low

USDCAD remains vulnerable despite yesterday's recovery from the day low. The pair has this week cleared key support at 1.2468, Feb 25 low and a recent bear trigger. This confirms a resumption of the underlying downtrend with attention on 1.2289, the lower band of a moving average envelope. On the upside, initial resistance is at 1.2527, Mar 18 high. Key trend resistance is at 1.2749, Feb 26 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.