Free Trial

New Cycle Lows

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: 1.2317 @ 20:48 BST Apr 28
  • SUP 1: 1.2313 Low Apr 28
  • SUP 2: 1.2305 3.0% Lower Bollinger Band
  • SUP 3: 1.2251/49 Low Jan 31 2018 / 2.0% 10-dma envelope
  • SUP 4: 1.2231 2.0% 10-dma envelope

USDCAD maintains a softer tone, hitting new cycle lows following the Dovish Fed. Clearance of 1.2365 Wednesday confirms a resumption of the broader downtrend that has been in place since March 2020. This opens 1.2251, the Jan 31, 2008 low. Initial resistance is seen at Monday's high of 1.2491.

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.