Free Trial

Trend Needle Points North

USDCAD TECHS
  • RES 4: 1.3808 High Nov 34
  • RES 3: 1.3795 2.0% 10-dma envelope
  • RES 2: 1.3705 Dec 16 and the bull trigger
  • RES 1: 1.3665 High Feb 24
  • PRICE: 1.3614 @ 16:39 GMT Mar 6
  • SUP 1: 1.3515 Low Feb 22
  • SUP 2: 1.3480 50-day EMA
  • SUP 3: 1.3400 Round number support
  • SUP 4: 1.3358 Low Feb 16

USDCAD bullish conditions remain intact and short-term pullbacks are considered corrective. The focus is on the key near-term resistance at 1.3705, the Dec 16 high. A clear break of this hurdle would strengthen bullish conditions and clear the way for a test of the 1.3800 handle. The support to watch lies at the 50-day EMA - it intersects at 1.3480. A clear breach of this average would be seen as a short-term bearish development.

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.