MNI BRIEF: Fed's Bostic - Rate Cut Likely At End of Year

MNI BRIEF: Fed Could Wait Until 2025 To Lower Rates - Kashkari

MNI BRIEF: Fed's Williams Says There's No Urgency To Cut Rates

MNI BRIEF: Beijing Opposes U.S. Measures Against Chinese Steel

MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

MNI: FED BALANCE SHEET TOTAL ASSETS -$33B TO $7.406T IN WEEK

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Pierces The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13
  • RES 3: 1.3898 High Oct 14
  • RES 2: 1.3805/3862 High Mar 24 / 10 and the bull trigger
  • RES 1: 1.3695 High Mar 28
  • PRICE: 1.3615 @ 16:49 BST Mar 29
  • SUP 1: 1.3560 Low Mar 29
  • SUP 2: 1.3562 / 39 50.0% retracement of the Feb 2 - Mar 10 rally / 50-dma
  • SUP 3: 1.3515 Low Feb 22
  • SUP 4: 1.3442 Low Feb 20 / 21

The current bear cycle in USDCAD remains in play and the pair traded lower again Wednesday. Price has shown below support at the 50-day EMA as well as 1.3560, the 50% retracement for the Feb 2 - Mar 10 rally. A clear break here required to signal scope for a deeper retracement - this would open 1.3515, the Feb 22 low. On the upside, a reversal higher would refocus attention on resistance at 1.3805, the Mar 24 high. The bull trigger is at 1.3862, the Mar 10 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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.