Free Trial

Bias Still Points Lower

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and the bull trigger
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2814 High Jan 6 and a key near-term resistance
  • RES 1: 1.2621/2687 Low Dec 31 / 20-day EMA
  • PRICE: 1.2555 @ 17:24 GMT Jan 14
  • SUP 1: 1.2454 Low Dec 13
  • SUP 2: 1.2448 76.4% retracement of the Oct - Dec rally
  • SUP 3: 1.2387 Low Nov 10
  • SUP 4: 1.2328 Low Oct 29

USDCAD bears remain in control, although the pair has recovered off recent lows. Nonetheless, a key support at 1.2621, the Dec 31 low, has been cleared. The break lower has strengthened the case for bears with attention on 1.2448, 76.4% of the Oct - Dec rally. A move through this chart point would expose 1.2387, the Nov 10 low. Initial resistance is at 1.2621. A firmer short-term resistance is at 1.2687, the 20-day EMA.

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.