Free Trial

Tops Key Resistance At 1.2203

USDCAD TECHS
  • RES 4: 1.2419 High Apr 27
  • RES 3: 1.2376 2.0% 10-dma envelope
  • RES 2: 1.2351 High May 4 and a key near-term resistance
  • RES 1: 1.2278 High Jun 16
  • PRICE: 1.2261 @ 21:00 BST Jun 16
  • SUP 1: 1.2057/2007 Low Jun 7 / Low May 18
  • SUP 2: 1.2000 Psychological round number
  • SUP 3: 1.1920 Low May 2015
  • SUP 4: 1.1869 2.0% 10-dma envelope

USDCAD took out key resistance at 1.2203, May 6 high Wednesday, cementing the near-term bounce in spite of the underlying bearish trend. Wednesday's move signals potential for a stronger corrective bounce, particularly with the show above the 50-day EMA at 1.2231. This opens gains toward the near-term resistance at 1.2351 and the 2.0% 10-dma envelope at 1.2376. A failure at current levels and a reversal lower would refocus attention on the key support and bear trigger at 1.2007, May 18 low. Initial support is at 1.2057.

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.