Free Trial

Strong Rally

USDCAD TECHS
  • RES 4: 1.2775 High Sep 29
  • RES 3: 1.2739 High Oct 1
  • RES 2: 1.2664 61.8.0% retracement of the Sep 20 - Oct 21 sell-off
  • RES 1: 1.2605 High Nov 12
  • PRICE: 1.2572 @ 15:55 GMT Nov 12
  • SUP 1: 1.2491/2387 50-day EMA / Low Nov 10
  • SUP 2: 1.2288 Low Oct 21 and the bear trigger
  • SUP 3: 1.2253 Low Jun 23
  • SUP 4: 1.2229 76.4% retracement of the Jun - Aug rally

USDCAD inched incrementally higher Friday, printing a new weekly high of 1.2605. This puts prices north of both the Oct 8 high as well as the 50% Fibonacci retracement of the Sep 20 - Oct 21 sell-off at 1.2592. The strong recovery has strengthened short-term conditions for bulls and signals scope for an extension towards 1.2664 next, the 61.8% retracement. Further out, there is scope for a climb towards the October high of 1.2739. On the downside, initial firm support has been defined at 1.2387, Nov 10 low.

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.