Free Trial

Eyeing Key Resistance

USDCAD TECHS
  • RES 4: 1.3024 38.2% retracement of the Mar ‘20 - Jun ‘21 downleg
  • RES 3: 1.2960/64 2.0% 10-dma envelope / High Dec 20 2021
  • RES 2: 1.2901 High Mar 8
  • RES 1: 1.2880 High Apr 28
  • PRICE: 1.2858 @ 08:02 BST May 2
  • SUP 1: 1.2719/2656 Low Apr 29 / 50-day EMA
  • SUP 2: 1.2568 Low Apr 22
  • SUP 3: 1.2459 Low Apr 21
  • SUP 4: 1.2403 Low Apr 5 and a key support

USDCAD remains bullish and the strong recovery from Friday’s low of 1.2719 reinforces this theme. Price action also remains above a key support defined by the 50-day EMA - the average intersects at 1.2656. Attention on 1.2901, the Mar 8 high and an important bull trigger. A break would set the scene for a climb towards the Dec 20 2021 high of 1.2964. On the downside, first support lies at 1.2719.

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.