Free Trial

Bullish Theme Intact

  • RES 4: 1.2964 High Dec 20 and a key resistance
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2843 76.4% retracement of the Dec 20 - Jan 19 sell-off
  • RES 1: 1.2814 High Jan 6 and a key resistance
  • PRICE: 1.2684 @ 06:53 GMT Feb 2
  • SUP 1: 1.2650 Low Jan 27
  • SUP 2: 1.2560 Low Jan 26
  • SUP 3: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
  • SUP 4: 1.2387 Low Nov 10

The USDCAD outlook remains bullish despite this week’s pullback. Last week’s climb confirmed an extension of the recovery from 1.2451, the Jan 19 low. Price has cleared the 50-day EMA and the break has resulted in a move through 1.2768, 61.8% of the Dec 20 - Jan 19 sell-off. This has opened 1.2843, a retracement value. On the downside, initial firm support lies at 1.2560, the Jan 26 low. First support is at 1.2650, the Jan 27 low.

To read the full story



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.