Free Trial

Corrective Rally Stalls

USDCAD TECHS
  • RES 4: 1.3480 50-day EMA
  • RES 3: 1.3371 High Dec 20 / 21
  • RES 1: 1.3372 High Jan 03
  • RES 2: 1.3359 20-day EMA
  • PRICE: 1.3355 @ 15:24 GMT Jan 04
  • SUP 1: 1.3177 Low Dec 27
  • SUP 2: 1.3093 Low Jul 14 and key support
  • SUP 3: 1.3002 2.0% 10-dma envelope
  • SUP 4: 1.2992 50.0% retracement of the 2021 - 2022 bull phase

The USDCAD trend outlook remains bearish, despite another corrective bounce into the Wednesday close. The pair last week cleared a bear trigger at 1.3480, the Dec 4 low. Furthermore, all key short-term retracement points have been breached. These developments reinforce a bearish theme and maintain the price sequence of lower lows. Sights are on 1.3093, the Jul 14 low and a key support. Resistance to watch is 1.3356, the 20-day EMA.

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.