MNI China Daily Summary: Friday, April 26

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USD/CAD Softer Through London Close, Bucking Bullish Backdrop

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  • USD/CAD heads through the London close at the session's lowest levels, extening the post-GDP data gains and pushing back against the bullish outlook. For now, the outlook remains positive above first support at 1.3456 and the bear trigger at 1.3420.
  • Key short-term resistance is 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.
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  • USD/CAD heads through the London close at the session's lowest levels, extening the post-GDP data gains and pushing back against the bullish outlook. For now, the outlook remains positive above first support at 1.3456 and the bear trigger at 1.3420.
  • Key short-term resistance is 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.