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Trend Structure Remains Bullish


Cautious Risk Appetite Gains Momentum


Key Support Still Exposed


Late Equity Roundup: 2W Highs


Eurodollar/SOFR/Tsy Option Roundup

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Key Support in Sight

  • RES 4: 1.2881 High Jan 28
  • RES 3: 1.2807/46 High Jul 19 / 1.236 proj of Jun 1 - 21- 23 swing
  • RES 2: 1.2730 High Jul 20
  • RES 1: 1.2607 High Jul 23
  • PRICE: 1.2517 @ 17:43 BST Aug 12
  • SUP 1: 1.2453 50-day EMA
  • SUP 2: 1.2407 50.0% retracement of the Jun 1 - Jul 19 rally
  • SUP 3: 1.2313 61.8% retracement of the Jun 1 - Jul 19 rally
  • SUP 4: 1.2253 Low Jun 23

USDCAD edged further off the week's highs Wednesday, slipping briefly below 1.25 ahead of the close. This opens key support at the 1.2453 50-day EMA, a break below which would be resolutely bearish and open the early August lows. Markets need to top 1.2605 to initiate any further rally, with the Jul 23 high of 1.2607 just above.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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