Free Trial

Trading Below Monday’s High

USDCAD TECHS
  • RES 4: 1.3808 High Nov 3 and a key resistance
  • RES 3: 1.3650 Trendline resistance drawn from the Oct 13 high
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3495 High Nov 21
  • PRICE: 1.3378 @ 16:14 GMT Nov 23
  • SUP 1: 1.3301/3226 Low Nov 18 / 15 and the bear trigger
  • SUP 2: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 3: 1.3139 Low Sep 14
  • SUP 4: 1.3023 76.4% retracement of the Aug 11 - Oct 13 rally

USDCAD traded above the 50-day EMA on Monday but has since pulled back. A firm break of the average, at 1.3450 today, would undermine the recent bearish theme. This would expose 1.3571, the Nov 10 high, where a break would also signal scope for a stronger recovery and open the 1.3650, trendline resistance. On the downside, key support and the bear trigger is at 1.3226, the Nov 15 low. A break would resume bearish activity.

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.