Free Trial

TECHS: Trades Through Support

DOLLAR-CANADA
  • RES 4: 1.3421 High Sep 30 and primary resistance
  • RES 3: 1.3341 High Oct 7 and a reversal trigger
  • RES 2: 1.3255/59 50-day EMA / High Oct 15 and the bull trigger
  • RES 1: 1. 3210 20-day EMA
  • PRICE: 1.3108 @ 10:57 BST Oct 21
  • SUP 1: 1.3081 Intraday low
  • SUP 2: 1.3047 Low Sep 7
  • SUP 3: 1.3038 Low Sep 2
  • SUP 4: 1.2994 Low Sep 1 and the major support

USDCAD bearish conditions dominate once again. The pair has today weakened through key support at 1.3099, Oct 13 low. The move lower confirms a resumption of current downtrend that started off the 1.3421 high on Sep 30. Moving average studies are bearish too, reinforcing the current climate. Scope is for a move towards the major support at 1.2994, Sep 1 low. Key resistance has been defined at 1.3259, Oct 15 high.

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.