Free Trial

Cracks Key Support

USDCAD TECHS
  • RES 4: 1.3745 High Mar 27
  • RES 3: 1.3695 High Mar 28
  • RES 2: 1.3617 High Mar 29
  • RES 1: 1.3558 50-day EMA
  • PRICE: 1.3348 @ 16:48 BST Apr 13
  • SUP 1: 1.3346 Low Apr 13
  • SUP 2: 1.3334 Low Feb 15
  • SUP 3: 1.3328 1.0% 10-dma envelope
  • SUP 4: 1.3262 Low Feb 2 and a key support

The outlook in USDCAD remains bearish and recent short-term gains have been confirmed as corrective. The pair trades further below the 50-day EMA and has now slipped through the 1.3399 200-dma. Further weakness sees 1.3275 come into play - the mid-February lows - although the RSI is close to flagging the pair as technically oversold for the first time in over 18 months. Initial firm resistance is seen at 1.3558, the 50-day EMA. A clear breach of this EMA is required to suggest any possible reversal.

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.