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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.
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Free AccessMNI China Daily Summary: Wednesday, December 11
USDCAD TECHS: Bear Leg Extends
- RES 4: 1.3977 High Oct 13, 2022
- RES 3: 1.3856/3946 High Aug 6 / 5 and bull trigger
- RES 2: 1.3791 High Aug 7
- RES 1: 1.3641/3714 High Aug 20 / 20-day EMA
- PRICE: 1.3580@ 08:07 BST Aug 22
- SUP 1: 1.3576 Low Aug 21
- SUP 2: 1.3547 Low Apr 9
- SUP 3: 1.3500 Round number support
- SUP 4: 1.3471 61.8% retracement of the Dec 27 - Aug 5 bull leg
USDCAD has traded lower this week, marking an extension of the bear cycle that started Aug 5. The move down undermines a recent bullish theme and has resulted in the break of a number of support points. 1.3589, the Jul 11 low, has also been cleared, strengthening a bearish theme. This sets the scene for an extension towards 1.3547, the Apr 9 low. On the upside, initial firm resistance to watch is at 1.3714, the 20-day EMA.
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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.