Free Trial

USDCAD TECHS: Southbound 

USDCAD TECHS
  • RES 4: 1.3856/3946 High Aug 6 / 5 and bull trigger
  • RES 3: 1.3791 High Aug 7 
  • RES 2: 1.3646 20-day EMA  
  • RES 1: 1.3519/3617 High August 26 / 23
  • PRICE: 1.3457 @ 08:06 BST Aug 28
  • SUP 1: 1.3441 Intraday low 
  • SUP 2: 1.3420 Low Mar 8
  • SUP 3: 1.3358 76.4% retracement of the Dec 27 - Aug 5 bull leg
  • SUP 4: 1.3288 Low Jan 5

USDCAD traded lower again Tuesday, marking an extension once again of the bear cycle that started Aug 5. The move down reinforces the current bearish condition. 1.3589, the Jul 11 low, has recently been cleared, strengthening a bearish theme. This sets the scene for an extension towards 1.3358, a Fibonacci projection. On the upside, initial firm resistance to watch is at 1.3617, last Friday’s intraday high.

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.