Free Trial

Trend Needle Points South

USDCAD TECHS


  • RES 4: 1.3855/3899 High Nov 10 / 1 and the bull trigger
  • RES 3: 1.3777 High Nov 16
  • RES 2: 1.3712 High Nov 24
  • RES 1: 1.3657 50-day EMA
  • PRICE: 1.3547 @ 20:21 GMT Dec 4
  • SUP 1: 1.3480 Low Dec 4
  • SUP 2: 11.3417 Low Sep 29
  • SUP 3: 1.3401 61.8% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 4: 1.3381 Low Sep 19 and a key support

USDCAD maintains a softer tone following last week’s bearish extension. The recent break of trendline support, drawn from the Jul 14 low, strengthens the current downtrend and signals scope for a continuation lower near-term. Sights are on 1.3417 next, the Sep 29 low. Initial firm resistance is at 1.3657, the 50-day EMA. A breach of this hurdle is required to ease the current bearish pressure.

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.