Free Trial

Corrective Cycle Still In Play

USDCAD TECHS
  • RES 4: 1.3427 High Jun 7
  • RES 3: 1.3371 50-day EMA
  • RES 2: 1.3355 High Jun 15
  • RES 1: 1.3274/86 20-day EMA / High Jun 29
  • PRICE: 1.3214 @ 16:03 BST Jul 4
  • SUP 1: 1.3190/3117 Low Jun 28 / 27 and key support
  • SUP 2: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 3: 1.2992 50.0% retracement of the Jun - Oct 2022 bull rally
  • SUP 4: 1.2954 Low Sep 13 2022

USDCAD is holding on to its most recent gains. The latest recovery appears to be a correction and the trend remains bearish. Looking at moving average studies, they remain in a bear mode position and this highlights a downtrend. A resumption of weakness would open 1.2992, a Fibonacci retracement. On the upside, firm resistance is seen at 1.3274, the 20-day EMA. It has been pierced, a clear break would expose the 50-day EMA, at 1.3371.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.