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Free AccessResistance To Watch Is At The 50-Day EMA
- RES 4: 1.3538 50.0% retracement of the Nov 1 - Dec 27 bear leg
- RES 3: 1.3480 200-dma
- RES 2: 1.3457 50-day EMA
- RES 1: 1.3443 High Jan 11
- PRICE: 1.3374 @ 08:03 GMT Jan 12
- SUP 1: 1.3229/3177 Low Jan 2 / Low Dec 27
- SUP 2: 1.3093 Low Jul 14 and key support
- SUP 3: 1.3055 2.0% 10-dma envelope
- SUP 4: 1.2992 50.0% retracement of the 2021 - 2022 bull phase
USDCAD traded higher Thursday, building on recent gains. The broader trend outlook is unchanged and remains bearish and the latest recovery is considered corrective. Resistance to watch is at the 50-day EMA, at 1.3457. A clear break of it would strengthen a bullish theme and open 1.3480, the 200-dma. For bears, a move lower would signal the end of the correction and attention would turn to 1.3177, the Dec 27 low and bear trigger.
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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.