Free Trial

USDCAD TECHS: Pierces Key Resistance

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13, 2022
  • RES 3: 1.3904 1.0% 10-dma envelope
  • RES 2: 1.3899 High Nov 1 and a key resistance    
  • RES 1: 1.3865 High Jul 29
  • PRICE: 1.3857 @ 16:16 BST Jul 29
  • SUP 1: 1.3778 Low Jul 24   
  • SUP 2: 1.3727 20-day EMA 
  • SUP 3: 1.3696 50-day EMA
  • SUP 4: 1.3367 Low Jul 17 

The recent impulsive rally in USDCAD has resulted in a break of 1.3792, the Jun 11 high, and a print above key resistance at 1.3846, the Apr 16 high. Conditions are overbought, however, a clear break of 1.3846 would strengthen the bull theme and pave the way for a continuation higher, towards 1.3899, the Nov 1 high ‘23 and a key resistance. Firm support lies at 1.3696, the 50-day EMA.  

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.