Free Trial

Extends Lower With Bears In Charge

USDCAD TECHS
  • RES 4: 1.2419 High Apr 27
  • RES 3: 1.2363 20-day EMA
  • RES 2: 1.2351 High May 4 and a key near-term resistance
  • RES 1: 1.2197/2288 High MAy 7 / High May 6
  • PRICE: 1.2084 @ 17:55 BST May 10
  • SUP 1: 1.2081 1.618 proj of the Jan 28 - Feb 25 - Feb 26 price swing
  • SUP 2: 1.2062 Low Sep 2017 and a major support
  • SUP 3: 1.2036 2.0% 10-dma envelope
  • SUP 4: 1.1920 Low May 2015

USDCAD remains in a clear downtrend and continues to register fresh lows. Moving average studies are in a bear mode and the move lower confirms an extension of the bearish price sequence of lower lows and lower highs. The pair is approaching a major pivot support at 1.2062, the Sep 2017 low. This level will potentially either reinforce the current M/T bear leg if breached or lead to a reversal if the support manages to contain CAD strength.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.