Free Trial

Flirting With 50-Day EMA Support

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4 2020
  • RES 3: 1.3272 2.0% 10-dma envelope
  • RES 2: 1.3224 High Jul 14
  • RES 1: 1.3166 3.0% Upper Bollinger Band
  • PRICE: 1.2902 @ 16:26 BST Jul 21
  • SUP 1: 1.2859 50-DMA
  • SUP 2: 1.2855 Low Jul 20
  • SUP 3: 1.2819 Low Jun 28 and key support
  • SUP 4: 1.2763 Low Jun 13

USDCAD remains below last week’s high. The pair has traded below the 20-day EMA as well as the 50-day EMA now, which represents an important support and a clear break is required to suggest scope for a deeper pullback. The trend condition is bullish and a resumption of gains would refocus attention on 1.3224, the Jul 14 high and the bull trigger.

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.