Free Trial

TECHS: Pullback Counters Bullish Outlook

  • RES 4: 1.3421 High Sep 30 and primary resistance
  • RES 3: 1.3341 High Oct 7 and a reversal trigger
  • RES 2: 1.3260/68 50-day EMA / High Oct 7
  • RES 1: 1.3259 High Oct 15
  • PRICE: 1.3120 @ 17:12 BST Oct 20
  • SUP 1: 1.3113 Low Oct 20
  • SUP 2: 1.3099 Low Oct 13 and the bear trigger
  • SUP 3: 1.3095 76.4% retracement of the Sep 1 - 30 rally
  • SUP 4: 1.3038 Low Sep 2

Despite the short-term bullish outlook, USDCAD dropped further Tuesday, taking out initial support at 1.3143, which undermines the recent recovery. The bear trigger at 1.3099 rests as next support which, if broken, would open a more protracted move lower. To the upside, a clear breach of the 50 EMA at 1.3260 would strengthen a bullish case.

MNI London Bureau | +44 203-865-3809 |

To read the full story


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.