Free Trial

Trend Needle Points North

USDCAD TECHS
  • RES 4: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 3: 1.3661 High Nov 27
  • RES 2: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3614 High Mar 19 / 22 / 25 / 28 and the bull trigger
  • PRICE: 1.3517 @ 16:40 GMT Apr 3
  • SUP 1: 1.3456/20 Low Mar 21 / 8 and the bear trigger
  • SUP 2: 1.3359 Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

A bull cycle in USDCAD remains in play despite weakness into the Wednesday close and sights are on key short-term resistance at 1.3614, the Mar 19 high and a recent congestion level. A clear break of this hurdle would confirm a resumption of the uptrend that began on Dec 27. This would expose 1.3623, a Fibonacci retracement, and 1.3661, the Nov 27 high. On the downside, key support is unchanged at 1.3420, the Mar 8 low. Clearance of this level would be bearish.

169 words

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.
  • RES 4: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 3: 1.3661 High Nov 27
  • RES 2: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3614 High Mar 19 / 22 / 25 / 28 and the bull trigger
  • PRICE: 1.3517 @ 16:40 GMT Apr 3
  • SUP 1: 1.3456/20 Low Mar 21 / 8 and the bear trigger
  • SUP 2: 1.3359 Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

A bull cycle in USDCAD remains in play despite weakness into the Wednesday close and sights are on key short-term resistance at 1.3614, the Mar 19 high and a recent congestion level. A clear break of this hurdle would confirm a resumption of the uptrend that began on Dec 27. This would expose 1.3623, a Fibonacci retracement, and 1.3661, the Nov 27 high. On the downside, key support is unchanged at 1.3420, the Mar 8 low. Clearance of this level would be bearish.