Free Trial

Outlook Remains Bearish

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135/3163 High Jul 15 / 3.0% Upper Bollinger Band
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.2892/2947 High Aug 3 / High Jul 25
  • PRICE: 1.2867 @ 07:00 BST Aug 5
  • SUP 1: 1.2767/63 Low Aug 01 / Low Jun 13
  • SUP 2: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 3: 1.2594 2.0% 10-dma envelope
  • SUP 4: 1.2549 Low Jun 9

USDCAD maintains a bearish theme and Monday’s low print reinforces current conditions. Short-term gains are still considered corrective. 1.2819, the Jun 28 low, has been pierced. A clear break would strengthen bearish conditions and this would open 1.2763, the Jun 13 low and 1.2685, a Fibonacci retracement. On the upside, initial firm resistance to watch is 1.2947, Jul 25 high. A break is required to ease the current bearish threat.

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.