Free Trial

Pierces The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3751 High Nov 4
  • RES 3: 1.3705 Dec 16 and the bull trigger
  • RES 2: 1.3665 High Jan 6
  • RES 1: 1.3521 High Jan 19
  • PRICE: 1.3411 @ 16:28 GMT Jan 20
  • SUP 1: 1.3322 Low Jan 13
  • SUP 2: 1.3317 Low Nov 24 / 25
  • SUP 3: 1.3226 Low Nov 15 and bear trigger
  • SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally

USDCAD pulled away from recent highs, but largely respected the recent range Friday. Nonetheless, this week’s move higher has resulted in a print above 1.3500, the 50-day EMA. A clear breach of this area of resistance would signal potential for a stronger recovery near-term and open 1.3665, the Jan 6 high. Key resistance is at 1.3705, the Dec 16 high. Key short-term support has been defined at 1.3322, the Jan 13 low. A break would resume recent bearish activity.

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.