Free Trial

Pierces Key Support

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14
  • RES 3: 1.3171/96 3.0% Upper Boll Band / 2.0% 10-dma envelope
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.2914/47 20-day EMA / High Jul 25
  • PRICE: 1.2838 @ 16:44 BST Jul 28
  • SUP 1: 1.2788 61.8% retracement of the Jun 8 - Jul 14 upleg
  • SUP 2: 1.2763 Low Jun 13
  • SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 4: 1.2664 2.0% 10-dma envelope

USDCAD remains vulnerable and the pair has traded lower again Thursday. 1.2819, the Jun 28 low and the next key support, has been pierced. A clear break of this level would strengthen bearish conditions and confirm a clear break of both the 20- and 50-day EMA values. This would open 1.2763, the Jun 13 low. On the upside, initial resistance to watch is currently at 1.2947, Jul 25 high. A break would ease the current bearish threat.

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.