USDCAD TECHS: Bearish Trend Condition
- RES 4: 1.4296 High Apr 7
- RES 3: 1.4111 High Apr 4
- RES 2: 1.4026 50-day EMA
- RES 1: 1.4016 High May 12 / 13
- PRICE: 1.3944 @ 07:59 BST May 16
- SUP 1: 1.3814/3751 Low May 8 / 6 and the bear trigger
- SUP 2: 1.3744 76.4% retracement of Sep 25 ‘24 - Feb 3 bull run
- SUP 3: 1.3696 Low Oct 10 ‘24
- SUP 4: 1.3643 Low Oct 9 ‘24
USDCAD maintains a firmer short-term tone for now. Despite the latest move higher, the trend condition remains bearish and the recovery is considered corrective. A fresh cycle low on May 6 reinforces the bearish theme. A resumption of weakness would open 1.3744, a Fibonacci retracement. Note that moving average studies are in a bear mode position, highlighting a dominant downtrend. Key resistance is seen at 1.4026, the 50-day EMA.
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Historical bullets
GILTS: Opening calls
Gilt calls, these DO NOT take the UK CPI into account:
- Range 91.81/92.14.
EQUITIES: Immediate focus on the Tech sector on the Open
Immediate Focus on the Tech sector on the EU open, following Trump barring NVIDIA from selling its H20 chip to China.
Luxury is also a sector that will be Watched, but that one Going Forward.
US Nasdaq was down some 2.3% earlier, now 1.97%.
- Calls: Estox 50: -0.88%, Dax: -0.39%, CAC: -0.90%, FTSE -0.23%, SMI -0.13%.
SCHATZ: Block trade
Schatz Block trade, suggest buyer:
- DUM5 ~4.1k at 107.52.
