Free Trial

Outlook Remains Bullish

USDCAD TECHS
  • RES 4: 1.2653 High Apr 21 and a key resistance
  • RES 3: 1.2535 High Apr 22
  • RES 2: 1.2501 76.4% retracement of the Apr 21 - Jun 1 sell-off
  • RES 1: 1.2403 High Jun 22
  • PRICE: 1.2339 @ 16:57 BST Jun 24
  • SUP 1: 1.2255/53 50-day EMA / Low Jun 23
  • SUP 2: 1.2224 20-day EMA
  • SUP 3: 1.2157 Low Jun 16
  • SUP 4: 1.2057/2007 Low Jun 7 / Low May 18

The USDCAD pullback this week is considered corrective and a bullish theme remains intact. The recent break of 1.2203, May 6 high confirmed a S/T reversal and the pair has also cleared the 50-day EMA, reinforcing bullish conditions. The focus is on 1.2501, a Fibonacci retracement. A break would open 1.2653, high Apr 21 and an important resistance. Initial support is seen at 1.2255, the 50-day EMA, which the pair tested, but failed to break through.

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.