Free Trial

TECHS: Tests Trendline Support

DOLLAR-CANADA
  • RES 4: 1.3486 Low Jun 23 and a former breakout level
  • RES 3: 1.3460 High Jul 30
  • RES 2: 1.3421 High Sep 30 and the intraday bull trigger
  • RES 1: 1.3332 High Oct 2
  • PRICE: 1.3263 @ 18:00 BST Oct 5
  • SUP 1: 1.3258/69 Low Oct 5 / Trendline drawn off the Sep 1 low
  • SUP 2: 1.3171 Low Sep 21
  • SUP 3: 1.3119 Low Sep 10 and key near-term support
  • SUP 4: 1.3087 Low Sep 8

The recent pullback in USDCAD is still considered a correction. A bullish outlook remains in place following the recent break higher on Sep 21 that confirmed a short-term bullish cycle. Furthermore, the recent break of 1.3259, Sep 9 high, confirmed a clear bullish price sequence of higher highs and higher lows. On the downside, key support is seen at 1.3269, a trendline drawn off the Sep 1 low and tested Monday. A break would concern bulls.

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.