USDCAD TECHS: Bear Threat Still Present

Jan-26 07:05
  • RES 4: 1.3751 High Nov 4
  • RES 3: 1.3705 Dec 16 and the bull trigger
  • RES 2: 1.3665 High Jan 6
  • RES 1: 1.3446/3521 20-day EMA / High Jan 19
  • PRICE: 1.3401 @ 07:04 GMT Jan 26
  • SUP 1: 1.3340 Low Jan 25
  • SUP 2: 1.3322 Low Jan 13
  • SUP 3: 1.3226 Low Nov 15 and bear trigger
  • SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally

USDCAD traded higher Wednesday’s, however bulls were left wanting given the shallow recovery. This keeps prices within range of the recent lows. A bearish threat remains present following the pullback from 1.3521, Jan 19 high. A continuation lower would expose support at 1.3322, Jan 13 low, where a break would signal scope for 1.3226, the Nov 13 low and the bear trigger. On the upside, the pair needs to clear 1.3521 to signal a reversal.

Historical bullets

LOOK AHEAD: UK Timeline of Key Events (Times GMT)

Dec-27 06:23
Date Time Period Event
03-Jan 0930 Dec IHS Markit/CIPS Manufacturing PMI (Final)
04-Jan 0001 Dec BRC Monthly Shop Price Index
04-Jan 0930 Nov BOE M4 / Lending
05-Jan 0930 Dec IHS Markit/CIPS Services PMI (Final)
05-Jan 0930 Dec BOE Dec DMP Survey
06-Jan 0930 Dec IHS Markit/CIPS Construction PMI
07-Jan 1615 BOE Mann Panellist at American Economics Association
08-Jan 1300 BOE Pill Panellist at American Economics Association
09-Jan ---- ---- House of Commons Returns
11-Jan 0001 Dec BRC-KPMG Shop Sales Monitor
13-Jan 0700 Dec UK Monthly GDP/Services/Production/Trade/Construction
17-Jan 0700 Dec Labour Market Survey
18-Jan 0700 Dec Inflation report
18-Jan 0930 Dec ONS House Price Index
20-Jan 0700 Dec Retail Sales

LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)

Dec-27 06:18
Date Time Country Event
29-Dec 0800 ES Retail Sales
29-Dec 0900 EU HICP (p) / M3
30-Dec 0800 ES HICP (p)
02-Jan 0815 ES S&P Global Manufacturing PMI (f)
02-Jan 0845 IT S&P Global Manufacturing PMI (f)
02-Jan 0850 FR S&P Global Manufacturing PMI (f)
02-Jan 0855 DE S&P Global Manufacturing PMI (f)
02-Jan 0900 EU S&P Global Manufacturing PMI (f)
03-Jan 0855 DE Unemployment
03-Jan 1300 DE HICP (p)
04-Jan 0745 FR Consumer Sentiment / HICP
04-Jan 0815 ES S&P Global Services PMI (f)
04-Jan 0845 IT S&P Global Services PMI (f)
04-Jan 0850 FR S&P Global Services PMI (f)
04-Jan 0855 DE S&P Global Services PMI (f)
04-Jan 0900 EU S&P Global Services PMI (f)

CHINA SETS YUAN CENTRAL PARITY AT 6.9546 TUES VS 6.9825

Dec-27 01:17



  • CHINA SETS YUAN CENTRAL PARITY AT 6.9546 TUES VS 6.9825