Free Trial

March Low Exposed

USDCAD TECHS
  • RES 4: 1.2749 High Feb 26 and key resistance
  • RES 3: 1.2700 High Mar 8
  • RES 2: 1.2653 High Apr 21 and the bull trigger
  • RES 1: 1.2491/2515 High Apr 26 / 20-day EMA
  • PRICE: 1.2401 @ 06:32 BST Apr 28
  • SUP 1: 1.2384 Low Apr 26
  • SUP 2: 1.2365 Low Mar 18 and the bear trigger
  • SUP 3: 1.2336 1.00 proj of the Jan 28 - Feb 25 - Feb 26 price swing
  • SUP 4: 1.2251/49 Low Jan 31 2018 / 2.0% 10-dma envelope

USDCAD maintains a softer tone following Monday's sharp move lower that reinforced a bearish theme and narrowed the gap with key support at the March 18th low of 1.2365. This level also represents the current bear trigger. Clearance of 1.2365 would confirm a resumption of broader downtrend that has been in place since March 2020. This would open 1.2251, the Jan 31, 2008 low. Initial resistance is seen at Monday's high of 1.2491.

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.