Free Trial

Corrective Cycle Extends

USDCAD TECHS
  • RES 4: 1.2711 76.4% retracement of the Mar 8 - Apr 5 bear leg
  • RES 3: 1.2699 High Mar 17
  • RES 2: 1.2631 50-day EMA
  • RES 1: 1.2619/21 High Apr 8 / 200 DMA
  • PRICE: 1.2574 @ 20:14 BST Apr 8
  • SUP 1: 1.2479 Low Apr 6
  • SUP 2: 1.2403/2386 Low Apr 5 / 1.0% 10-dma envelope
  • SUP 3: 1.2387 Low Nov 10 2021
  • SUP 4: 1.2328 Low Oct 29 2021

USDCAD recovered last week from its recent lows and maintains a firmer tone. Price action on Apr 5, in Japanese candlestick terms, is a long-legged doji. This is a short-term reversal signal and suggests potential for a correction near-term. Attention is on the 50-day EMA, at 1.2631 - a key resistance. The broader trend remains down though, a reversal lower would open key support and the bear trigger at 1.2403, Apr 5 low.

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.