Free Trial

Monitoring The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.2976 1.00 proj of the Jun 23 - Jul 19 - 30 price swing
  • RES 3: 1.2957 High Dec 21, 2020
  • RES 2: 1.2949 High Aug 20 and the bull trigger
  • RES 1: 1.2775/2896 High Sep 29 / High Sep 20
  • PRICE: 1.2622 @ 06:52 BST Oct 4
  • SUP 1: 1.2594/83 Low Sep 28 / Low Sep 10
  • SUP 2: 1.2494 Low Sep 3 and the bear trigger
  • SUP 3: 1.2422 Jul 30 low and a key support
  • SUP 4: 1.2367 61.8% retracement of the Jun - Aug rally

USDCAD is lower but remains above recent lows - the pair has recently found support just below the 50-day EMA and a bullish trend structure remains intact. A clear break of the 50-day EMA at 1.2622 today would signal scope for a deeper pullback and expose 1.2494, Sep 3 low. For bulls, a resumption of gains would again expose key resistance at 1.2949, Aug 20 high. This marks 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.