Free Trial

USDCAD TECHS: Rally Persists, Flashes Overbought

USDCAD TECHS
  • RES 4: 1.3899 High Nov 1 and a key resistance    
  • RES 3: 1.3865 1.0% 10-dma envelope
  • RES 2: 1.3855 High Nov 10 2023
  • RES 1: 1.3849 High Jul 25
  • PRICE: 1.3818 @ 15:49 BST Jul 25
  • SUP 1: 1.3590/89 Low May 16 and a key support / Intraday low 
  • SUP 2: 1.3547 Low Apr 9
  • SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
  • SUP 4: 1.3478 Low Apr 4 

The impulsive rally in USD/CAD persists, with the pair showing above 1.3792 resistance this week, topping out at 1.3849. Intraday gains put prices through the important level of 1.3846 - the Apr 16 high and bull trigger. The pair has flashed as technically overbought on an intraday basis on the 14-day RSI, which may be monitored on a strong close today for any signs of a consolidative phase ahead. A return lower looks to 1.3590 as first major support.

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.