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JGB TECHS

(M1) Bullish Focus

Corrective Pullback

USDCAD TECHS
  • RES 4: 1.2957 High Dec 21 and key resistance
  • RES 3: 1.2915 High Dec 23
  • RES 2: 1.2881 High Jan 28
  • RES 1: 1.2812 50-day EMA
  • PRICE: 1.2729 @ 06:50 GMT Feb 9
  • SUP 1: 1.2719 Intraday low
  • SUP 2: 1.2686 Low Jan 27 and key near-term support
  • SUP 3: 1.2635 Low Jan 22
  • SUP 4: 1.2590 Low Jan 21 and major support

USDCAD is slightly weaker. In terms of patterns the recent consolidation appeared to be a pennant however, the structure has changed. The pullback appears to be a deeper corrective move instead and attention is on support at 1.2686, Jan 27 low and a key S/T level. A break would be a bearish development though and exposes the Jan 21 trend low of 1.2590. On the upside, a 1.2881 break, Jan 28 high would resume recent bullish activity.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com