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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Corrective Bounce

  • RES 4: 1.2964 High Dec 20 and the bull trigger
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2732/2814 High Jan 7 / High Jan 6 and a key resistance
  • RES 1: 1.2621/2659 Low Dec 31 / 20-day EMA
  • PRICE: 1.2556 @ 17:32 GMT Jan 18
  • 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 is very slightly higher Tuesday. Bears remain in control and short-term gains are considered corrective. The recent break of a key support at 1.2621, the Dec 31 low strengthened a bearish case and has opened 1.2448, 76.4% of the Oct - Dec rally. A move through this chart point would open 1.2387, the Nov 10 low. Initial resistance is at 1.2621. A firmer short-term resistance is at 1.2659, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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