Free Trial

Watching Support

USDCAD TECHS
  • RES 4: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 3: 1.3661 High Nov 27
  • RES 2: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3606 High Feb 28 and the bull trigger
  • PRICE: 1.3476 @ 16:19 GMT Mar 7
  • SUP 1: 1.3475 Low Mar 07
  • SUP 2: 1.3441/3359 Low Feb 22 / Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

USDCAD conditions remain bullish despite the extension of the sharp sell-off into the Thursday close. Key support lies at 1.3359, the Jan 31 low. Clearance of this level would be bearish. Initial firm support to watch lies at 1.3441, the Feb 22 low. The recent print above resistance at 1.3586, the Feb 13 high and bull trigger is a positive development. A clear break of this level would confirm a resumption of the uptrend and open 1.3623 initially, a Fibonacci retracement.

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.