Free Trial

Needle Still Points South

USDCAD TECHS
  • RES 4: 1.2648 High Oct 6
  • RES 3: 1.2584 50-day EMA
  • RES 2: 1.2494 Low Sep 3 and a recent breakout level
  • RES 1: 1.2449 High Oct 14
  • PRICE: 1.2373 @ 16:43 BST Oct 15
  • SUP 1: 1.2303 Low Jul 6
  • SUP 2: 1.2269/53 2.0% 10-dma envelope / Lo Jun 23
  • SUP 3: 1.2229 76.4% retracement of the Jun - Aug rally
  • SUP 4: 1.2157 Low Jun 16

The USDCAD bear cycle that started Sep 20 remains in place and the pair continues to weaken. Key support at the Jul 30 low of 1.2422 has been cleared reinforcing bearish conditions and paving the way for an extension of the downleg. This has opened 1.2303, Jul 6 low and moving average conditions appear to be turning bearish reinforcing the current sentiment. Initial firm resistance is seen at 1.2494, Sep 3 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.