USDCAD TECHS: Bears Remain In The Driver’s Seat
- RES 4: 1.4200 Round number resistance
- RES 3: 1.4111 High Apr 4
- RES 2: 1.3883/1.4016 50-day EMA / High May 12 and 13
- RES 1: 1.3762 20-day EMA
- PRICE: 1.3655 @ 08:12 BST Jun 12
- SUP 1: 1.3611 Low Oct 8 2024
- SUP 2: 1.3579 1.500 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 3: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 4: 1.3473 Low Oct 2 2024
The trend needle in USDCAD continues to point south and short-term gains are considered corrective. Support at 1.3686, the May 26 low and a bear trigger, has recently been cleared, confirming a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs. Sights are on 1.3579 next, a Fibonacci projection. Key resistance is at the 50-day EMA, at 1.3883. The 20-day EMA is at 1.3762.
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SILVER TECHS: Trend Needle Points North
- RES 4: $36.000 - Round number resistance
- RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 2: $34.590 - High Mar 28
- RES 1: $33.686 - High Apr 25
- PRICE: $33.147 @ 08:10 BST May 13
- SUP 1: $31.668 - Low May 1
- SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 3: $27.686 - Low Sep 6 ‘24
- SUP 4: $27.180 - Low Aug 14 ‘24
A bullish theme in Silver remains intact and the latest pullback that started Apr 25, is likely a correction. Key short-term support has been defined at $31.668, the May 1 low. A break of this level would signal scope for a deeper retracement and open $30.915, the Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 25 high. Clearance of this level would confirm a resumption of the uptrend.
UK DMO UPDATE: Record Of The DMO Consultations With Gilt Market Participants
The DMO takes account of yesterday's consultations with gilt investors and market makers:
- "The DMO is planning to schedule one syndicated offering during the period for the sale of a new medium conventional gilt with the transaction planned to take place in September 2025. The DMO set out preliminary proposals for a schedule of programmatic gilt tenders in Q2 2025-26."
- The syndication scheduling comes after GEMMs and gilt investors raised strong support for such a medium conventional syndication in Q2 2025-26 for a gilt maturing in either 2035 or 2036.
- Gilt auctions and programmatic gilt tenders were also discussed in detail.
USDCAD TECHS: Short-Term Bounce Extends
- RES 4: 1.4296 High Apr 7
- RES 3: 1.4111 High Apr 4
- RES 2: 1.4035 50-day EMA
- RES 1: 1.4016 High May 12
- PRICE: 1.3973 @ 08:07 BST May 13
- 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 2024
- SUP 4: 1.3643 Low Oct 9 ‘24
USDCAD continues to trade above its recent lows. Despite the latest gains, the trend condition remains bearish and the move higher is considered corrective. A fresh cycle low last week reinforces the bearish theme. Potential is seen for a move towards 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 1.4035, the 50-day EMA.
