Free Trial

Corrective Cycle Still In Play

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3706 Trendline resistance drawn from the Oct 13 2022 high
  • RES 2: 1.3593/95 High Sep 12 / 7 and key resistance
  • RES 1: 1.3543 High Sep 27
  • PRICE: 1.3500 @ 16:22 BST Sep 28
  • SUP 1: 1.3424/3381 Low Sep 22 / 19
  • 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 remains in a corrective cycle. The short-term outlook remains bearish for now - last week’s move down resulted in a break of 1.3490, the Sep 1 low and this was followed by a move below the 50-day EMA, reinforcing a bearish theme. A resumption of weakness would open 1.3323 next, a Fibonacci retracement. Next resistance to watch is 1.3593, the Sep 12 high. Key resistance is at 1.3695, the Sep 7 high.

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.