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Free AccessMNI US OPEN - RBA Holds, Communication Turns Slightly Dovish
MNI China Daily Summary: Tuesday, December 10
USDCAD TECHS: Rally Persists, Not Yet Overbought
- RES 4: 1.3899 High Nov 1 and a key resistance
- RES 3: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
- RES 2: 1.3845 1.0% 10-dma envelope
- RES 1: 1.3800 High Jul 24
- PRICE: 1.3795 @ 08:40 BST Jul 24
- 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. Further gains target the 1.0% 10-dma envelope at 1.3845 initially ahead of the more important level of 1.3846 - the Apr 16 high and bull trigger. The pair is yet to flash overbought on the 14-day RSI, meaning momentum could build further before any consolidative phase. A return lower looks to 1.3590 as first major support.
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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.