Free Trial

Remains Soft

USDCAD TECHS
  • RES 4: 1.2957 High Dec 21, 2020
  • RES 3: 1.2949 High Aug 20 and the bull trigger
  • RES 2: 1.2775/2896 High Sep 29 / High Sep 20
  • RES 1: 1.2656 High Oct 4
  • PRICE: 1.2553 @ 06:52 BST Oct 8
  • SUP 1: 1.2533 Intraday low
  • SUP 2: 1.2494 Low Sep 3 and the bear trigger
  • SUP 3: 1.2422 Jul 30 low and a key support
  • SUP 4: 1.2367 61.8% retracement of the Jun - Aug rally

USDCAD remains soft and has moved lower again today. The failure to reverse higher has seen the pair confirm, for now, a break of the 50-day EMA and this exposes support at 1.2494, Sep 3 low. A breach of this support would signal scope for a deeper pullback towards 1.2422, the Jul 30 low. For bulls, a break of 1.2775, Sep 29 high would represent a bullish development and this would refocus attention on 1.2949, Aug 20 high and the bull trigger.

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.