Free Trial

Bullish Outlook

USDCAD TECHS
  • RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3751 High Nov 4
  • RES 1: 1.3700 High Dec 7
  • PRICE: 1.3669 @ 16:30 GMT Dec 12
  • SUP 1: 1.3504/3385 Former trendline resistance / Low Dec 5
  • SUP 2: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3139 Low Sep 14

USDCAD is consolidating and trading closer to its recent highs. The short-term outlook remains bullish. Last week’s gains resulted in a break of trendline resistance drawn from the Oct-13 high. The trendline intersects at 1.3504 and represents support. Attention is on 1.3751 next, the Nov 4 high and 1.3808, the Nov 3 high. The latter is a key resistance and a break would strengthen bullish conditions.

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

To read the full story

Why Subscribe to

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.