Free Trial

Trend Signals Remain Bearish

USDCAD TECHS
  • RES 4: 1.3777 High Nov 16
  • RES 3: 1.3712 High Nov 24
  • RES 2: 1.3619 High Dec 7 and 12 and key short-term resistance
  • RES 1: 1.3520 High Dec 14
  • PRICE: 1.3342 @ 15:49 GMT Dec 19
  • SUP 1: 1.3320 Low Aug 4
  • SUP 2: 1.3283 76.4% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 3: 1.3253 2.0% 10-dma envelope
  • SUP 4: 1.3184 Low Aug 1

The USDCAD trend outlook remains bearish and the latest sell-off reinforces this condition. The pair has cleared the bear trigger at 1.3480, the Dec 4 low. This confirms a resumption of the downtrend and ends the consolidation phase posted since the beginning of December. Sights are on 1.3283, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 1.3619, the Dec 7 / 12 high.

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.