Free Trial

Remains Vulnerable

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135 High Jul 15
  • RES 2: 1.3038/56 High Jul 18 / 3.0% Upper Bollinger Band
  • RES 1: 1.2863/2985 20-day EMA / High Aug 5
  • PRICE: 1.2795 @ 16:08 BST Aug 12
  • SUP 1: 1.2744 200-dma
  • SUP 2: 1.2728 Low Aug 11
  • SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 4: 1.2587 2.0% 10-dma envelope

USDCAD extended losses Thursday, printing a new multi-month low in the process. This weakness marks an extension of the current bear leg. Support at 1.2767, the Aug 1 low, has been cleared and the move lower paves the way for a continuation lower. Attention is on a clean close below 1.2744, the 200-dma and 1.2685, a Fibonacci retracement. On the upside, a breach of 1.2985, the Aug 5 high is required to reinstate a bullish theme.

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.