Free Trial

Bears Remain In The Driver’s Seat

USDCAD TECHS
  • RES 4: 1.3538 High Dec 26
  • RES 3: 1.3408 20-day EMA
  • RES 2: 1.3374 High Dec 20 / 21
  • RES 1: 1.3295 High Dec 25
  • PRICE: 1.3192 @ 07:58 GMT Dec 28
  • SUP 1: 1.3177 Low Dec 27
  • SUP 2: 1.3093 Low Jul 14 and key support
  • SUP 3: 1.3044 2.0% 10-dma envelope
  • SUP 4: 1.2992 50.0% retracement of the 2021 - 2022 bull phase

The USDCAD trend outlook remains bearish and price traded lower yesterday. The pair has recently cleared a bear trigger at 1.3480, the Dec 4 low. Furthermore, all key short-term retracement points have been breached. These developments reinforce a bearish theme and maintain the price sequence of lower lows and lower highs. Sights are on 1.3093, the Jul 14 low and a key support. Resistance to watch is 1.3408, the 20-day EMA.

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.