Free Trial

Corrective Pullback

USDCAD TECHS
  • RES 4: 1.3177 2.0% 10-dma envelope
  • RES 3: 1.3173 High Nov 13 2020
  • RES 2: 1.3091 High Nov 24 2020
  • RES 1: 1.3077 High May 12
  • PRICE: 1.2966 @ 07:04 BST May 16
  • SUP 1: 1.2842/2814 20-day EMA / Low May 6
  • SUP 2: 1.2745/14 50-day EMA / Low May 5 and a key support
  • SUP 3: 1.2568 Low Apr 22
  • SUP 4: 1.2459 Low Apr 21

USDCAD remains below last week’s high of 1.3077. A pullback is considered corrective and the outlook is bullish. Recent gains resulted in a breach of 1.2914, May 2 high, and key resistance at 1.2964, the Dec 20 2021 high. The break of the latter marks an important M/T bullish development and reinforces the positive outlook. This has opened 1.3177 next, the upper band of a MA envelope. Initial support is at 1.2914. Key support is at 1.2714, Apr 29 low.

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.