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Late Equity Roundup: Mildly Lower on Week

USDCAD TECHS

Remains Above The 50-Day EMA

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Range Bound

USDCAD TECHS
  • RES 4: 1.2419 High Apr 27
  • RES 3: 1.2351 High May 4 and a key near-term resistance
  • RES 2: 1.2288 High May 13
  • RES 1: 1.2147/2203 20-day EMA / High May 6
  • PRICE: 1.2088 @ 14:37 BST May 31
  • SUP 1: 1.2013 Low May 18
  • SUP 2: 1.2000 Psychological round number
  • SUP 3: 1.1920 Low May 2015
  • SUP 4: 1.1835 2.0% 10-dma envelope

USDCAD is range bound but the outlook remains bearish. The recent key technical development has been the breach of major support at 1.2062, Sep 2017 low. This represents an important pivot point marking either the base of a broad range or the midpoint of a double top reversal pattern. Scope is seen for a test and break of the psychological 1.2000 handle. Initial firm resistance is at 1.2203, May 13 high. A break would signal the start of a correction.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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