MNI China Daily Summary: Monday, May 6

MNI: China CFETS Yuan Index Up 0.03% In Week of Apr 30

MNI: PBOC Net Drains CNY8 Bln Via OMO Mon; Rates Unchanged

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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.0994 MON VS 7.1063

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Bears Remain In The Driver’s Seat

USDCAD TECHS
  • RES 4: 1.3513 50-day EMA
  • RES 3: 1.3391 20-day EMA
  • RES 2: 1.3371 High Dec 20 / 21
  • RES 1: 1.3295 High Dec 25
  • PRICE: 1.3200 @ 15:25 GMT Dec 29
  • 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 on Wednesday. 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. Sights are on 1.3093, the Jul 14 low and a key support. Resistance to watch is 1.3391, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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