Free Trial

Stronger In a Range

USDCAD TECHS
  • RES 4: 1.2419 High Apr 27
  • RES 3: 1.2351 High May 4 and a key near-term resistance
  • RES 2: 1.2240 50-day EMA
  • RES 1: 1.2163/2203 High Jun 11 / High May 6
  • PRICE: 1.2158 @ 16:39 BST Jun 11
  • SUP 1: 1.2007 Low May 18
  • SUP 2: 1.2000 Psychological round number
  • SUP 3: 1.1920 Low May 2015
  • SUP 4: 1.1842 2.0% 10-dma envelope

USDCAD traded stronger in a range Friday. The underlying trend is bearish although to resume the downleg, the pair needs to clear 1.2007, May 18 low. This would expose the psychological 1.2000 handle where a breach would also reinforce bearish conditions. For bulls, key short-term resistance has been defined at 1.2203, May 6 high. A break would instead signal a short-term base and the potential for a stronger corrective bounce.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.