Free Trial

Corrective Pullback

USDCAD TECHS
  • RES 4: 1.2949 High Aug 20 and a key resistance
  • RES 3: 1.2896/2939 / High Sep 20 / 2.0% 10-dma envelope
  • RES 2: 1.2849 High Sep 21
  • RES 1: 1.2837 High Nov 30
  • PRICE: 1.2733 @ 06:31 GMT Dec 1
  • SUP 1: 1.2641 Low Nov 25
  • SUP 2: 1.2600/2493 20-day EMA / Low Nov 16
  • SUP 3: 1.2387 Low Nov 10
  • SUP 4: 1.2288 Low Oct 21 and the bear trigger

USDCAD maintains a bullish theme and the pullback from Tuesday’s high is likely a correction. Price has recently cleared 1.2753, 76.4% of the Sep 20 - Oct 21 sell-off as well as 1.2775, Sep 29 high. This strengthens the current bullish set-up and signals scope for strength towards 1.2896 next, the Sep 20 high. On the downside, a key short-term support has been defined at 1.2641, Nov 25 low. A break would threaten the current trend.

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.