Free Trial

Fresh Lows

USDCAD TECHS
  • RES 4: 1.3029 High Nov 25
  • RES 3: 1.3009 High Dec 1
  • RES 2: 1.2929 Low Nov 29 and recent breakout level
  • RES 1: 1.2874 High Dec 4
  • PRICE: 1.2786 @ 10:57 GMT Dec 8
  • SUP 1: 1.2768 Intraday low
  • SUP 2: 1.2712 1.00 proj of Oct 29 - Nov 9 sell-off from Nov 13 high
  • SUP 3: 1.2677/72 76.4% of 2017-20 uptrend / 2.0% 10-dma envelope
  • SUP 4: 1.2606 2% 4.0% Lower Bollinger Band

USDCAD remains considerably weaker. The pair fell through all nearby support on Friday to hit new 2020 lows of 1.2773 and has edged lower today with a print of 1.2768. This reinforces bearish conditions and maintains the price sequence of lower lows and lower highs. Furthermore, MA studies are in a bear mode, highlighting current conditions. The focus is on 1.2712 next, a downside Fibonacci projection. Resistance is seen at 1.2929, Nov 29 low.

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.