Free Trial

Bears Still in Control

USDCAD TECHS
  • RES 4: 1.2915 High Dec 23
  • RES 3: 1.2845/81 High Feb 4 / High Jan 28
  • RES 2: 1.2763/78 High Jan 12 / 50-day EMA
  • RES 1: 1.2746 High Feb 17
  • PRICE: 1.2530 @ 17:20 GMT Feb 24
  • SUP 1: 1.2480 Downtrendline Drawn Off Sep 2020 Low
  • SUP 2: 1.2451 Low Feb 16, 2018 Low
  • SUP 3: 1.2393 2.0% 10-dma envelope
  • SUP 4: 1.2251 2018 Low

After finding some support last week, bears have regained control in the pair, pressuring prices to new cycle lows. This exposes downtrendline resistance drawn off the September 2020 low - a break through which would open further weakness toward the lows of 2018 at 1.2251. To arrest the decline, bulls need to retake the 50-dma at 1.2735.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.