Free Trial

Bounce From Recent Lows Extends

USDCAD TECHS
  • RES 4: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 3: 1.4000 Psychological round number
  • RES 2: 1.3855/3977 High Oct 21 / 13 and the bull trigger
  • RES 1: 1.3774 High Oct 24
  • PRICE: 1.33738 @ 08:07 GMT Nov 3
  • SUP 1: 1.3496 Low Oct 27
  • SUP 2: 1.3489 50-day EMA
  • SUP 3: 1.3358 Low Sep 21
  • SUP 4: 1.3227 Low Sep 20

USDCAD continues to trade above 1.3496, the Oct 27 low and remains above the 50-day EMA, at 1.3489. These two chart points highlight an important support zone where a break is required to trigger an extension of the bear cycle that started on Oct 13. The extension higher this week signals scope for a climb towards 1.3855, the Oct 21 high, where a break would undermine the recent bearish and expose 1.3977, the Oct 13 high.

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.