Free Trial
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.
CAD
CAD/SGD has remained heavy since the RSI ground below the 70 threshold in mid-March, but the rate hit a bump in the road as it pulled back from cycle highs. The 23.6% retracement of the Mar 18, 2020 - Mar 18, 2021 rally/round figure at SGD1.0607/00 provided a layer of support, limiting losses on Apr 7. The nearby presence of the ascending 50-DMA at SGD1.0590 added significance to those levels. The rate charted a hammer candlestick pattern after moving away from there.
- The pair has shed 9 pips and now changes hands at SGD1.0661. A clean break below the aforementioned SGD1.0607/00 area and the nearby 50-DMA at SGD1.0590 would represent an important bearish development, clearing the way to the 100-DMA at SGD1.0494.
- Bulls need a break above Apr 2 high of SGD1.0730 to gain some initial momentum before targeting the recent cycle high of SGD1.0834, printed on Mar 18.
Fig. 1: CAD/SGD
Source: MNI - Market News/Bloomberg
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok