Free Trial

Corrective Cycle Remains In Play

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3704 Trendline resistance drawn from the Oct 13 2022 high
  • RES 2: 1.3695 High Sep 7 and key resistance
  • RES 1: 1.3621 76.4% of the Sep 7 - 19 bear leg
  • PRICE: 1.3569 @ 08:02 BST Oct 2
  • SUP 1: 1.3417/3381 Low Sep 29 / 19 and a bear trigger
  • SUP 2: 1.3323 61.8% retracement of the Jul 14 - Sep 7 bull leg
  • SUP 3: 1.3266 Low Aug 2
  • SUP 4: 1.3235 76.4% retracement of the Jul 14 - Sep 7 bull leg

USDCAD traded higher Friday. Despite the latest recovery, the trend outlook is bearish and gains are considered corrective. The recent breach of 1.3490, the Sep 1 low, and the move below the 50-day EMA, reinforced a bearish theme. A resumption of weakness would open 1.3323 next, a Fibonacci retracement. Next resistance to watch is 1.3671, 76.4% of the Sep 7 - 19 bear leg. Key resistance is at 1.3695, the Sep 7 high.

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.