MNI China Daily Summary: Monday, December 23

MNI: China Steel Demand Seen Falling Next Year

MNI: China CFETS Yuan Index Up 0.83% In Week of Dec 20

MNI: PBOC Net Drains CNY643.5 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1870 Mon; -2.26% Y/Y

MNI China Daily Summary: Friday, December 20

MNI: CANADA NOV INDUSTRIAL PRICES +0.6% MOM; EX-ENERGY +0.5%

MNI:US NOV DURABLE NEW ORDERS -1.1%; EX-TRANSPORTATION -0.1%

MNI: SPAIN Q3 FINAL GDP +0.8% Q/Q

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: Trend Structure Remains Bullish

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4289 2.0% 10-dma envelope  
  • RES 3: 1.4246 2.00 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4196 1.764 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4178 High Nov 26 
  • PRICE: 1.4025 @ 07:58 GMT Nov 28
  • SUP 1: 1.3960/28 20-day EMA / Low Nov 25 and a key support  
  • SUP 2: 1.3852 50-day EMA
  • SUP 3: 1.3822 Low Nov 6
  • SUP 4: 1.3747 Low Oct 17

The trend outlook in USDCAD remains bullish and an early strong rally on Tuesday reinforces this theme. The move higher confirmed a resumption of the primary uptrend and marked an extension of the bullish price sequence of higher highs and higher lows. Sights are on 1.4196 next, a Fibonacci projection. Key short-term support has been defined at 1.3928, the Nov 25 low. For now, the latest pullback is considered corrective.

145 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: 1.4289 2.0% 10-dma envelope  
  • RES 3: 1.4246 2.00 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4196 1.764 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4178 High Nov 26 
  • PRICE: 1.4025 @ 07:58 GMT Nov 28
  • SUP 1: 1.3960/28 20-day EMA / Low Nov 25 and a key support  
  • SUP 2: 1.3852 50-day EMA
  • SUP 3: 1.3822 Low Nov 6
  • SUP 4: 1.3747 Low Oct 17

The trend outlook in USDCAD remains bullish and an early strong rally on Tuesday reinforces this theme. The move higher confirmed a resumption of the primary uptrend and marked an extension of the bullish price sequence of higher highs and higher lows. Sights are on 1.4196 next, a Fibonacci projection. Key short-term support has been defined at 1.3928, the Nov 25 low. For now, the latest pullback is considered corrective.