Free Trial

Clears The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3855 High Oct 21
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3646 High Nov 29
  • PRICE: 1.3587 @ 20:52 GMT Nov 29
  • SUP 1: 1.3409 Low Nov 29
  • 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 traded higher Tuesday, clearing resistance at the 50-day EMA. The pair has also pierced trendline resistance drawn from the Oct 13 high. The trendline intersects at 1.3594 and a clear break would strengthen a bullish argument. This would signal scope for a climb towards resistance at 1.3808, the Nov 3 high. On the downside, initial key support has been defined at 1.3317, the Nov 24 / 25 low. A break would reinstate a bearish theme.

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.