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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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  • RES 4: 1.3300 High Nov 4
  • RES 3: 1.3208 50-day EMA
  • RES 2: 1.3178 High Nov 5
  • RES 1: 1.3081 Low Oct 21
  • PRICE: 1.3058 @ 16:50 GMT Nov 11
  • SUP 1: 1.2929/17 Low Nov 9 / Low Oct 16, 2018
  • SUP 2: 1.2897 2.0% 10-dma envelope
  • SUP 3: 1.2857 Low Oct 4, 2018
  • SUP 4: 1.2783 Low Oct, 1 2018 and a key support

USDCAD traded lower Monday extending the most recent sell-off from 1.3390, Oct 29 high and remains bearish. More importantly, the pair has cleared the Dec 31 2019 lows, hitting the lowest level since mid-2018 in the process. Various levels of support, most notably 1.2952, the Dec 2019 low gave way Monday. This reinforces the bearish theme and opens 1.2917 and 1.2857, Oct 16 and Oct 4, 2018 lows respectively. 1.3081 is a firm resistance.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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