MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USDCAD TECHS: Clears Key Resistance

USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3791 High Aug 7    
  • RES 3: 1.3745 61.8% retracement of the Aug 5 - Sep 25 bear leg 
  • RES 2: 1.3722 1.0% 10-dma envelope
  • RES 1: 1.3695 High Oct 9
  • PRICE: 1.3661 @ 16:34 BST Oct 9
  • SUP 1: 1.3571 20-day EMA
  • SUP 2: 1.3473/3420 Low Oct 2 / Low Sep 25 and the bear trigger
  • SUP 3: 1.3413 Low Feb 9
  • SUP 4: 1.3358 76.4% retracement of the Dec 27 ‘23 - Aug 5 bull run

USDCAD traded higher Tuesday, confirming an extension of the bull cycle that started Sep 25. The move higher this week has resulted in a break of resistance at 1.3647, the Sep 19 high and a key resistance. Clearance of this level signals a possible reversal. Sights are on 1.3683 next, a Fibonacci retracement point. Initial firm support to watch lies at 1.3571, the 20-day EMA.

137 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: 1.3791 High Aug 7    
  • RES 3: 1.3745 61.8% retracement of the Aug 5 - Sep 25 bear leg 
  • RES 2: 1.3722 1.0% 10-dma envelope
  • RES 1: 1.3695 High Oct 9
  • PRICE: 1.3661 @ 16:34 BST Oct 9
  • SUP 1: 1.3571 20-day EMA
  • SUP 2: 1.3473/3420 Low Oct 2 / Low Sep 25 and the bear trigger
  • SUP 3: 1.3413 Low Feb 9
  • SUP 4: 1.3358 76.4% retracement of the Dec 27 ‘23 - Aug 5 bull run

USDCAD traded higher Tuesday, confirming an extension of the bull cycle that started Sep 25. The move higher this week has resulted in a break of resistance at 1.3647, the Sep 19 high and a key resistance. Clearance of this level signals a possible reversal. Sights are on 1.3683 next, a Fibonacci retracement point. Initial firm support to watch lies at 1.3571, the 20-day EMA.