Free Trial

Fades Friday

USDCAD TECHS
  • RES 4: 1.2984 2.0% 10-dma envelope
  • RES 3: 1.2957 High Dec 21 and key resistance
  • RES 2: 1.2915 High Dec 23
  • RES 1: 1.2881 High Jan 28
  • PRICE: 1.2779 @ 17:20 GMT Jan 29
  • SUP 1: 1.2742 20-day EMA
  • SUP 2: 1.2686 Low Jan 27
  • SUP 3: 1.2635 Low Jan 22
  • SUP 4: 1.2590 Low Jan 21

Despite Friday's fade, USDCAD appears set to extend the current corrective bounce following a rebound off cycle lows at 1.2590. The break of resistance at 1.2799, Jan 18 high and the move through the 50-day EMA at 1.2820 signals scope for an extension of gains. Prices topped resistance at 1.2880, Dec 24 high, turning focus to 1.2957, Dec 21 high. On the downside, firm near-term support is seen at 1.2686, Jan 27 low.

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.