Free Trial

TECHS: Approaching Major Support

DOLLAR-CANADA
  • RES 4: 1.3245 High Aug 20 and key intraday resistance
  • RES 3: 1.3203 20-day EMA
  • RES 2: 1.3133 High Aug 28
  • RES 1: 1.3114 High Aug 31
  • PRICE: 1.3067 @ 10:42 BST Sep 2
  • SUP 1: 1.2994 Low Sep 1
  • SUP 2: 1.2976 Low Jan 8
  • SUP 3: 1.2957 Low Jan 7
  • SUP 4: 1.2952 Low Dec 31, 2019 and a major support

USDCAD remains vulnerable despite the bounce off yesterday's low. Tuesday saw the pair extend its move lower testing territory below 1.3000. The extension confirms and reinforces the current downtrend and maintains the bearish price sequence of lower lows and lower highs that still dominates. A clear break of the psychological support at 1.3000 would pave the way for a test of the Dec 31 2019 low of 1.2952. Initial resistance is at 1.3114.

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.