Free Trial

Resistance Appears Exposed

USDCAD TECHS
  • RES 4: 1.3024 38.2% retracement of the Mar ‘20 - Jan ‘21 bear cycle
  • RES 3: 1.2964 High Dec 20 and a key resistance
  • RES 2: 1.2924 High Dec 22
  • RES 1: 1.2878 High Feb 24 and a key near-term resistance
  • PRICE: 1.2827 @ 06:46 GMT Mar 8
  • SUP 1: 1.2699 50-day EMA
  • SUP 2: 1.2587 Low Mar 3
  • SUP 3: 1.2552 76.4% retracement of the Jan 19 - Feb 24 rally
  • SUP 4: 1.2499 Low Jan 21

USDCAD traded higher Monday to extend the recovery from last week’s low of 1.2587 on Mar 3. The climb threatens the recent bearish theme and attention has turned to the key near-term resistance of 1.2878, the Feb 24 high. Clearance of this level would be seen as a bullish development and open 1.2964, the Dec 20 high and a key resistance. Weakness below 1.2587 is required to reinstate a bearish threat.

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.